Professional Documents
Culture Documents
IBERIA · 2018
PRIVATE EQUITY
VENTURE CAPITAL
M&A
The M&A Handbook 2018 is a result of local research and market analysis by
TTR’s Research and Business Intelligence team. Our team follows the transactional
markets analysed in this Handbook at a local level, in local language, and on a daily
basis – researching transactional and financial data by contacting market players,
collecting their input and crosschecking and analysing the data throughout the year.
For full access to all of the transactional data on Brazil, Latin America, and the Iberian
market (spanning Mergers and Acquisitions, Equity Capital Markets, Acquisition
Finance and Project Finance) visit TTR at www.TTRecord.com.
FOR THE FOURTH YEAR RUNNING, INTRALINKS IS A PROUD SPONSOR OF THE IBERIAN HANDBOOK.
In 2017, the worldwide M&A market completed its fourth consecutive year of annual growth, with
the number of announced deals rising by 8 percent year-over-year (YOY). The increase in dealmaking
activity was not evenly spread, however: in North America and Asia-Pacific, the numbers of announced
deals rose by 26 percent and 7 percent YOY, respectively, whereas in Europe, the Middle East (EMEA)
and Latin America (LATAM), they fell by 3 percent and 1 percent YOY, respectively. After a flat 2015
and a decline in 2016, the Spanish MA& market also came roaring back in 2017: there were over 1,000
announced M&A deals for Spanish targets in 2017, a 14% increase over 2016.
The conditions for M&A in 2018 are also supportive: improving global economic growth, low inflation, low
interest rates, ready availability of debt finance and lots of corporate and private equity capital looking for
acquisition opportunities. Our own Intralinks Deal Flow Predictor (www.intralinks.com/deal-flow-predictor)
is forecasting worldwide M&A growth of up to 10% in 1H 2018, so it is entirely possible that 2018 could
exceed 2017 for Spanish M&A announcements.
In Europe, Spain is the fourth or fifth largest target M&A market by both volume (number) and value.
This is the same as Spain’s ranking as the fifth largest European economy. The Spanish economy
is growing faster than the Euro area as a whole, although it is also more volatile: among the top 5
European economies it is the one with the most “emerging market” characteristics.
Spain has a relatively open M&A market with a high level of cross-border M&A activity: since 2013, over
74% of Spanish target M&A by value has involved a foreign acquirer, the second highest percentage
(after the UK) among the top 5 European countries. Spain has the highest proportion of industrials,
real estate and energy & power M&A among the top 5 European countries: these three sectors have
accounted for over 60% of Spanish target M&A by value since 2013.
In 2018, the risks to the scenario of a fifth consecutive year of increasing M&A activity are twofold:
political and financial. Increases in economic nationalism, protectionism and restrictions on global trade
and cross-border economic integration all have the potential to negatively affect dealmaking sentiment.
With global equity markets recently at record highs, and nine years since the last major trough, a
correction that turns into a more serious sell-off could also prove negative for dealmaking confidence.
We may be seeing the start of such a protectionist trend, with the latest example being the blocking by
US President Trump of Singapore-based Broadcom’s acquisition of US semiconductor manufacturer
Qualcomm. Other countries, such as Germany, Australia and the UK, are also becoming more resistant
to foreign takeovers (especially from China and Asia) in sensitive industries such as technology,
robotics, semiconductors, energy and land.
Rising protectionism in M&A would disproportionately affect countries which have a high volume of
outbound (cross-border) M&A activity. In Europe, the UK and Germany have the highest proportion of
outbound, cross-border acquisitions. The danger is that once the US becomes more protectionist, other
countries could feel obliged to follow suit and protect their companies from foreign takeover.
For now, though, the M&A market is riding high. Intralinks wishes all Iberian dealmakers a successful 2018.
Intralinks for
the deal lifecycle
NETWORKING
STRATEGY &
BUYER ID
TARGETING
Definitions 9
SPAIN (*) 11
Acknowledgements 327
* ES * PT
Visual Summary 2017 13 129
Industry 68 179
M&A TRANSACTIONS
For the purpose of this Handbook, the acquisition of assets or any other corporate
acquisition that does not involve the acquisition of shares is not considered a M&A
transaction. The acquisition of shares in a target company which configures a mere
stock market transaction (namely, through a broker or any type of intermediary) is also
not considered to be an M&A transaction.
TTR considers Spanish or Portuguese M&A deals to include any acquisition of shares,
both of public or private companies headquartered in Spain or Portugal, or of any
other company worldwide, where a Spanish or Portuguese entity is involved as buyer
or seller.
All investments or divestments carried out by Private Equity firms and/or funds under
management are registered as Private Equity deals. When the purchase or sale of a
specific target company is carried out through one of the Private Equity firms’/funds’
subsidiaries, the deal will only be considered a Private Equity deal if the subsidiary is
controlled by the referred to Private Equity/fund.
Investments carried out by private funds which concentrate their activity on companies
in a startup phase, including seed capital, early stage and expansion.
BIG TICKET
Spain: All M&A deals which total deal value is equal or greater than EUR 500m.
Portugal: All M&A deals which total deal value is equal or greater than EUR 250m.
MID-MARKET
Spain: All M&A deals which total deal value is equal or greater than EUR 100m.
Portugal: All M&A deals which total deal value is equal or greater than EUR 15m.
SMALLER MARKET
Spain: All M&A deals which total deal value is less than EUR 100m.
Portugal: All M&A deals which total deal value is less than EUR 15m.
ES
Visual Summary 2017
Volume and value of transactions LEGEND X Axis - AVERAGE VALUE (EURm)
M&A
by type and year
1000 Y Axis - No. OF TRANSACTIONS
2016 TOTAL
2015VALUE (EURm)
*E xceptionally, this graph does not include the PE / VC 2017
800
transactions in the total number of M&A.
1000 41.838,73
28.771,07 73.657,26
2014
2016
Mergers and 2015
Acquisitions (M&A)
M&A
2017 62.965,74
600
800 41.838,73
1000 28.771,07 73.657,26
2014
2016 2015
400 2017 62.965,74
600 41.838,73
800 73.657,26
28.771,07 2014
200
400 62.965,74
600
200
400 0,00 50,00 100,00 150,00 200,00 250,00
PE
250
2017
Private Equity
Visual Summary of 2017
21.647,85
200
250 2015
2016
12.531,63 2017
2014 16.045,99
PE
21.647,85
150
200 2015
250 17.971,04 2016
SPAIN
12.531,63 2017
2014 16.045,99
100
150 21.647,85
200 2015 17.971,04
2016
12.531,63
2014 16.045,99
50
100
150
17.971,04
50
100 0,00 130,00 160,00 190,00 220,00 250,00
VC
400 1.420,75
2017
320
400 2014 2015 1.420,75
2016
604,49
1.083,94 2017
1.485,89
VC
240
320 2014 2015
400 1.420,75 2016
604,49
1.083,94 2017
1.485,89
160
240
320 2014 2015
2016
604,49
1.083,94
80 1.485,89
160
240
80
160 0,00 1,00 2,00 3,00 4,00 5,00 6,00
84 14 175
Technology
1.561,95
37 5 116
Internet
300,58
Financial and 56 12 24
Insurance 16.984,54
Distribution 51 16 24
and Retail 2.002,45
Consultancy, Audit 69 12 9
and Engineering 1.080,61
*Exceptionally, this graph does not include the PE / VC transactions in the total number of M&A.
SPAIN
No. of transactions with Legal Advisors
1.422
Cross-border Transactions
Outbound Inbound
393
391
382
367
50k
358
357
344
320
324
318
317
316
313
Total No. Total value
293
299
40k
253
Percentage of Deals
4% 11% 4% 13% 6% 9% 5% 9%
4% 11% 4% 13% 6% 9% 5% 9%
SPAIN
LEGEND
85% 83% 85% 86% Big Ticket (EUR ≥ 500m)
63.878,42
66.391,91
63.878,42
35.570,04
LEGEND
27.842,29
17.572,28
11.868,62
27.842,29
6.356,79
7.298,535.665,63
13.067,84
11.868,62
6.415,10
5.665,63
(EUR ≥ 500m) (≥ EUR 100m) (< EUR 100m) Non-disclosed value Total
Private Equity
Number of Deals
832
832
2017
2017 227
227
363
363
867
867
2016
2016 182
182
298
298
SPAIN
872
872
2015
2015 201
201
316
316
737
737
2014
2014 160
160
317
317
28.771,07
28.771,07
2017
2017 21.647,85
21.647,85
1.420,75
1.420,75
41.838,73
41.838,73
2016
2016 16.045,99
16.045,99
Valor total EURm)
1.485,89
1.485,89
73.657,26
73.657,26
2015
2015 12.531,63
12.531,63
1.083,94
1.083,94
62.965,74
62.965,74
2014
2014 17.971,04
17.971,04
604,49
604,49
Value
Target Subsector Buyer Seller (EURm)
Fondo de
Reestructuración
Financial and Banco
1 Banco Popular Ordenada Bancaria 7.000,00
Insurance Santander
(FROB), Private
Shareholders
Fondo de
Financial and Bankia (fusión Reestructuración
2 Banco Mare Nostrum (BMN) Caja Madrid 825,00
Insurance y Bancaja) Ordenada
Bancaria (FROB)
8 Remolques y Servicios Marítimos (Reyser) Other Services P&O Repasa Grupo Bergé 152,00
Value
Target Subsector Buyer Seller (EURm)
Banco Santander,
Hellman & Friedman, Eurizon Capital SGR,
2 Allfunds Bank Financial and Insurance 1.880,00
GIC Realty General Atlantic,
Warburg Pincus
ASSIP, Parkinvest,
ESIF I, Transport
Macquarie European
3 Empark Car Parks Infrastructure Holding 1.000,00
Infrastructure Fund 5
Company, Haitong
International Holdings
Compañía Logística
Macquarie European AMP Capital, Oman
4 de Hidrocarburos Oil and Gas 1.000,00
Infrastructure Fund 5 Oil Company
(CLH)
SPAIN
2 Barclays Bank 1 3 5 Clifford Chance Spain
2 Citigroup 1 3 Clifford Chance UK
2 Santander Global Corporate Banking Spain 1 Clifford Chance Luxembourg
3 Caixa BI 2 Linklaters Italy
4 BBVA Corporate Finance 2 3 Uría Menéndez Spain
4 Deloitte Spain 2 5 Garrigues Spain
2 Freshfields Bruckhaus Deringer Spain
2 Freshfields Bruckhaus Deringer UK
2 Ropes & Gray US
3 5 CMS Albiñana & Suárez de Lezo
3 Clifford Chance Turkey
Due Diligence 3 5 Clifford Chance Luxembourg
1 3 EY Spain 3 4 5 KPMG Abogados
4 Deloitte Spain 3 PLMJ
5 KPMG Spain 4 5 Deloitte Legal
4 Allen & Overy Spain
4 Gómez-Acebo & Pombo Spain
5 Carey
5 Clifford Chance Germany
5 Clifford Chance US
5 Pinheiro Neto Advogados
Value
Target Subsector Buyer Seller (EURm)
Global InfraCo
3 Mersin Uluslararası Liman Ports Akfen Holdings 745,16
Spain
96
12k
86 88
86
76
Total No. Total value
76 77
74
71
73 72
71 10k
70
64
Year of deals (EURm)
56 8k
45 2017 325 21.242,21
6k
2016 308 25.087,00
4k
2015 289 16.799,60
2k
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2014 259 26.336,70
2014 2015 2016 2017
Aggregate value 6%
7% 19%
and21%volume of deals8%by21%
7% 18%
market segment
Percentage of Deals
74% 74% 75% 71%
7% 19% 6% 21% 7% 18% 8% 21%
LEGEND
SPAIN
2017 2016 2015 2014
15.931,47
LEGEND
8.738,30
7.671,32
5.732,91
5.500,51
1.659,78
11.431,60
8.738,30
7.671,32
7.077,93
5.732,91
5.500,51
1.659,78
(EUR ≥ 500m) (≥ EUR 100m) (< EUR 100m) Non-disclosed value Total
80
70
5.450,22
US
Mergers & Acquisitions
60 FR
2.075,07
GB
SPAIN
50 4.380,43
40
DE
30 574,55
DE CH
5.415,40
42,10
LU
MX
20
20,60
842,73
474,69
NL IT
10
0
0,00 50,00 100,00 150,00 200,00 250,00 300,00 350,00 400,00
Other
Subsectors US FR GB LU IT NL DE CH MX Countries
Technology 16 9 10- 4 3 - 8 3 3 19
Internet 8 12 7 1 4 4 6 1 3 7
Real Estate 5 3 9 4 2 2 3 - - -
Transport, Aviation - 6 2 2 - 1 2 1 - 2
and Logistics
Consultancy, Audit 5 1 1 - - 1 1 - 1 5
and Engineering
Electronics 3 1 3 - - - 1 2 - 1
SPAIN
Glass, Ceramic, Paper, 5 - 2 - 1 1 1 - - 1
Plastics, Wood and Timber
Ports - 3 1 - - - 1 - 2 3
Total Value
Total No. of deals (EURm)
France 10 1.075,97
Luxembourg 4 1.344,40
Portugal 3 3.591,00
Netherlands 3 1.233,00
Australia 2 1.000,00
Singapore 2 9,13
Mergers & Acquisitions
SPAIN
Real Estate 14
Technology 6
LEGEND DIVESTITURES
ACQUISITIONS
20.067,22
TOTAL VALUE (EURm)
21.242,21
SPAIN
57 30k
53
49 50 50
48
44 25k
42
40 41
34 35 36 20k
27 15k
22 23
10k
5k
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Total Value
Total No. of deals (EURm)
28
United States 1.109,88
Portugal 20 579,95
France 19 2.468,70
Italy 17 189,70
Mexico 15 658,12
Peru 11 61,70
Switzerland 10 527,97
Mergers & Acquisitions
Colombia 8 536,43
Germany 7 754,63
SPAIN
Netherlands 7 309,95
Turkey 5 1.604,16
Chile 4 0,00
Argentina 3 10,50
Brazil 3 0,00
Morocco 3 0,00
Luxembourg 2 33,02
Ireland 2 10,00
Canada 2 7,40
Andorra 2 1,80
Technology 42
Food Industry 16
Internet 10
SPAIN
Automotive and Recreational Vehicles 6
Electric Energy 5
Real Estate 4
Infraestructures
Industry
1 Abertis 7
2 Merlin Properties 4
3 Grifols 4
4 Faes Farma 4
5 Atresmedia 4
Mergers & Acquisitions
SPAIN
1 Abertis 2.503,70
3 Telefónica 754,15
1 OHL 6
2 Grupo Bergé 4
3 Telefónica 3
4 ACS 3
5 Grupo Dcoop 3
1 Telefónica 1.275,00
2 OHL 615,76
10k
67
57
Total No. Total Value
60 58 62
8k Year of deals (EURm)
50 54
50 50
44 43 2017 227 21.647,85
41 6k
38 36
2016 182 16.045,89
31 29
4k 2015 201 12.531,63
2014 160 17.971,04
2k
0k
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
No. of Deals *T
ransactions can be accounted for as investments and exits at the same
time, due to in some cases it may be a secondary buyout transaction.
SPAIN
Secundary Buyout
(R$m) TOTAL (R$m)
Investments
sem Secundary Buyout
VALOR TOTALVALOR
LEGEND
160 Investments Secondary Buyout
67 142
130 52 59 128 Exits
Nº DE NEGÓCIOS
32
19
13 8 9
67
52 59
2017 2016 2015 32 2014
19
13 8 9
Value
Target Subsector Buyer Seller (EURm)
Corpfin Capital,
Global 3 Combi, Impala Capital
1 Electric Energy Cyclicus DDP DOS 321,00
Global 3 Energía Partners, GED
Infrastructure
Hotel AluaSoul Mallorca
Resort, Hotel AluaSun
Torrenova, Hotel AluaSoul
Alcudia Bay, Hotel AluaSoul
Palma de Mallorca, Hotel Tourism, Hotels Hispania Activos
2 AluaSoul Ibiza, Hotel Alua Hotels & Resorts 165,00
and Restaurants Inmobiliarios
Parque San Antonio, Hotel
Ambar Beach, Mar Hispana
Apartamentos, Hotel
Investments and Leisure,
Tenerife Gestión Hotelera
Portobello Fund IV
3 Sidecu (Centros Supera) Sports and Leisure Private Shareholders 150,00
(Portobello Capital)
Haya Real Estate
4 Mihabitans Real Estate (Cerberus Capital Liberbank 85,00
Management)
Other Consumer Private Shareholders, Deyá Capital II,
5 Flex 80,00
Goods Aurica Capital Deyá Capital III
Tourism, Hotels
6 Blue Sea Hotels Portobello Capital Private Shareholders 70,00
and Restaurants
Private Equity
8 Tourism, Hotels
NRSur Negocios del Café MCH Private Equity 52,00
and Restaurants
SPAIN
GED V España,
Consultancy, Audit Realza Capital, Private
9 Gestión Tributaria Territorial and Engineering Oquendo Capital, Shareholders 45,00
Private ShareholdersI
Steel, Metallurgy
10 Extol and Industrial MCH Private Equity Private Shareholders 40,00
Production
Due Diligence
3 7 PwC Spain
7 9 EY Spain (Ernst & Young)
Sectors
Industria Infraestructuras
Inmobiliario y Construcción
RR Naturales
Energía y renovables
Inmobiliario y RR
Construcción
Naturales SS y Distribución
Tecnología y T
Infraestructuras
Subsectors - Number of deals
Subsetores com maior número e valor de transações envolvendo Venture Capital
NUMBER DEALS RR Naturales SS y Distribución
Tecnología y Telecomunicaci
Inmobiliario y Construcción
Healthcare, Hygiene, Medical
Aesthetics and Cosmetics 27
Tourism, Hotels and Restaurants 20
Distribution and Retail SS y Distribución
Tecnología
16 y Telecomunicaciones
RR Naturales
Technology 14
Real Estate 13
Consultancy, Audit and Engineering Tecnología
12 y Telecomunicaciones
Private Equity
RR Naturales SS y Distribución
SS y Distribución
Tecnología y Telecomunicaciones
TOTAL VALUE
Private Equity
Car Parks 1.000,00
Wind Energy
SPAIN
995,37
Real Estate 962,00
Distribution and Retail 927,31
Consultancy, Audit and Engineering 927,17
Fashion and Textile 926,22
Healthcare, Hygiene, Medical 875,77
Aesthetics and Cosmetics
Hydraulic Energy 700,00
Biotechnology 375,00
Education 354,46
Roads and Highways 290,76
Value
Target Subsector Buyer Seller (EURm)
HI Partners Holdco
3 Financial and Insurance Halley Holdco (Blackstone) Banco Sabadell 630,73
Value Added
Investcorp, Private
Glass, Ceramic, Shareholders Spain I,
4 Esmalglass Paper, Plastics, Lone Star Funds 605,00
Intermediate Capital
Wood and Timber Group (ICG)
Consultancy, Audit and
Accelya, Accelya
5 Engineering; Financial Warburg Pincus Chequers Capital 604,37
Holding and Insurance
4
Number of Investments
28 22
22
12
United States
27
21
18
9
United Kingdom
Private Equity
11 13
Luxembourg 3 6
SPAIN
10 8 14 9
France
12
Switzerland 4 3 7
Canada 2 3 1 -
Portugal 2 - - -
Germany 1 1 3 3
Brazil 1 - - 1
South Korea 1 - - 1
Belgium 1 - - 1
Colombia 1 - - -
Singapore 1 - 1 -
2017
4.945,16 1.965,68 5.451,50 79,80 430,00 100,00 999,00 430,00 0,00 95,40 208,00 0,00 1.880,00
X X
US GB LU FR CH PT CA DE BR KR BE CO SG
2016
Private Equity
SPAIN
X X X X X X
US GB LU FR CH PT CA DE BR KR BE CO SG
2015
2.697,48 641,81 130,97 899,19 76,41 0,00 225,00 23,08 0,00 0,00 0,00 0,00 0,00
X X X X X X
US GB LU FR CH PT CA DE BR KR BE CO SG
2014
X X X X X X
US GB LU FR CH PT CA DE BR KR BE CO SG
Number of Exits
2017
10
United States
United Kingdom 7
France 7
Luxembourg 4
Germany 2
Switzerland 1
Private Equity
Italy 1
SPAIN
Total Value (EURm)
US 4.148,37
GB 1.765,00
FR 1.882,00
2017
LU 1.461,00
IT 700,00
DE 470,00
CH 150,00
Inmobiliario y Construcción
Healthcare, Hygiene, 5 6 5 4
Medical Aesthetics
and Cosmetics
Tourism, Hotels 4 3 2 6
and Restaurants
Education 4 - - 1
Consultancy, Audit 4 3 4 4
and Engineering
Other Services 3 1 - -
Inspection and 3 - 1 1
Certification
Private Equity
Transport, Aviation 3 2 4 4
and Logistics
Energía y renovables
Energía y renovables
SPAIN
Marketing and 3 - 4 -
Advertising
Industria
Industria
Infraestructuras
Infraestructuras
RR Naturales
RR Naturales
SS y Distribución
SS y Distribución
Industria
Infraestructuras
42 TTR - Transactional Track Record (www.TTRecord.com)
Inmobiliario y Construcción
Private Equity - Spanish vs. Foreign Investments
1.214,50
65 TOTAL
NUMBER OF
INVESTMENTS
Private Equity
152
87
SPAIN
11.479,09
92
107 111
99
1k
Evolução trimestral desde 2013
87 86
84 82 81 0,8k
75 72 72
65 67
61
0,6k
53
0,4k
0,2k
0k
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Total value
Year Total No. of deals (EURm)
Value
Target Subsector Buyer Seller (EURm)
Axon Wealth
Venture Capital
Technology ; Financial Caser, Private Shareholders
9 Advisory and Insurance Spain, Fintech Ventures - 4,00
Digital A.V.
Seaya Ventures, Mediaset
SPAIN
10 España, Inveready Capital,
Hundredrooms Internet - 4,00
Bankinter, Atresmedia, Media
Digital Ventures Spain
Due Diligence
5 EY Spain (Ernst & Young)
7 Dechert
Energía y renovables
Industria Infraestructuras
Inmobiliario
RRyNaturales
Construcción
Most active subsectors for Venture Capital
Energía y renovables
Industria Infraestructuras
Inmobiliario
RRyNaturales
Construcción
SS y Distribución
Consultancy, Audit
and Engineering 9
Sports and Leisure 7
Sports and Leisure 7
Food and Beverage 7
Food and Beverage 7
Healthcare, Hygiene, Medical
SPAIN
Healthcare, Hygiene,
Aesthetics andMedical Tecnología
Cosmetics
Aesthetics and Cosmetics 7
7 y Telecomunicaciones
Transport, Aviation and Logistics
Transport, Aviation and Logistics 7
7
Food
Food Industry
Industry 6 6
Fashion
Fashion andand Textile 5
Textile 5
Pharmaceutical,
Pharmaceutical, Parapharmaceutical 5
Parapharmaceutical 5
andand Cosmetics
Cosmetics
Other
OtherConsumer
Consumer Goods 4
Goods 4
Telecoms 4 4
Telecoms
Education 4
Education 4
TOTAL
Subsectors - TotalVALUE
value (EURm)
TOTAL VALUE
Technology 877,17
Technology 877,17
Internet 280,51
Internet
Biotechnology 206,29
280,51
Biotechnology
Financial and Insurance 138,15 206,29
Distribution andInsurance
Financial and Retail 62,94 138,15
Real and
Distribution Estate
Retail 53,67 62,94
Pharmaceutical, Parapharmaceutical 41,68 53,67
Real Estate
and Cosmetics
Pharmaceutical, Parapharmaceutical
Chemical and Chemical Materials 29,00
41,68
and Cosmetics
Tourism, Hotels and Restaurants 28,72
Chemical and Chemical Materials 29,00
Healthcare, Hygiene, Medical
Aesthetics and Cosmetics 28,23
Tourism, Hotels and Restaurants 28,72
Other Services 22,38
Healthcare, Hygiene, Medical
Aesthetics andLogistics
Cosmetics 20,86 28,23
Transport, Aviation and
Other Services 22,38
Electronics 18,93
Transport, Aviation and Logistics 20,86
Electronics 18,93
48 TTR - Transactional Track Record (www.TTRecord.com)
Largest transactions by foreign Venture Capital funds in Spain
Value
Target Subsector Buyer Seller (EURm)
Venture Capital
General Atlantic, Point Nine Capital,
9 Typeform Technology Index Ventures, Connect Ventures - 29,19
SPAIN
10 Fintonic Internet Sanitaria Nacional (PSN), - 25,00
Private Shareholders
Number of Investments
18 14
8 11
United States
12 9
France 4 4
11 8
United Kingdom 4 3
Venture Capital
8
Germany 6 3 2
SPAIN
8
Italy 5 1 -
Brazil 5 - - -
Luxembourg 4 7 2 4
Mexico 4 3 - 1
Netherlands 3 4 4 -
Japan 3 1 4 -
Ireland 3 - - -
Canada 2 - - 1
South Africa 2 - - -
Sweden 2 1 - -
2017
237,26 119,47 108,86 84,55 81,73 119,65 20,59 14,00 44,82 43,89 138,20 8,60 116,05 17,89
US FR GB DE IT BR MX LU IE NL JP CA SE CH
2016
87,05 67,39 56,72 27,79 19,77 --- 23,91 8,80 --- 28,72 105,46 --- --- 22,63
X X X X
Venture Capital
US FR GB DE IT BR MX LU IE NL JP CA SE CH
SPAIN
2015
121,75 60,59 25,81 17,71 1,30 --- --- 35,97 --- 36,60 11,47 --- --- ---
X X X X X
US FR GB DE IT BR MX LU IE NL JP CA SE CH
2014
95,72 29,80 4,10 5,20 --- --- 0,04 4,60 --- --- --- 0,00 --- ---
X X X X X X X X
US FR GB DE IT BR MX LU IE NL JP CA SE CH
Infraestructuras
Subsectors most
Inmobiliario targeted by foreign
y Construcción
Venture Capital funds in Spain
RR Naturales
Financial and 3 1 1 1
Insurance
Other Services 2 1 - -
Education 1 1 1 -
Courier 1 - - -
Healthcare, Hygiene, 1 1 1 -
Medical yAesthetics
Energía renovables
and Cosmetics
Energía y renovables
Marketing and 1 - 1 -
Venture Capital
Industria
Advertising
Industria
SPAIN
Infraestructuras
Infraestructuras
Inmobiliario y Construcción 2017 2016 2015 2014
RR Naturales
RR Naturales
SS y Distribución
SS y Distribución
Tecnología y Telecomunicaciones
2017 2016 2015 2014
Tecnología y Telecomunicaciones
Technology 33 17 12 14
Internet 24 21 9 8
Electronics 2 - 1 1
295,00
60
TOTAL
NUMBER OF
Venture Capital
INVESTMENTS
232
SPAIN
172
241,30
Industry
·· Aerospace ·· Industrial Production, Industrial
·· Automotive and Machinery, Parts and Metals
Recreational Vehicles ·· Pharmaceutical,
·· Chemical and Chemical Materials Parapharmaceutical
and Cosmetics
·· Fashion and Textile
··
Sectors and Subsectors
Infrastructure
·· Airports ·· Railroads
·· Bridges ·· Roads and Highways
·· Car Parks ·· Ports
·· Hospitals ·· Schools
·· Prisons ·· Social Housing
SPAIN
·· Waste Management,
Aesthetics and Cosmetics Pollution and Recycling
·· Inspection and Certification ·· Water and Sanitation
Main sectors
Number of Deals
NUMBER DEALS
Technology 273
Internet 158
To
SPAIN
Real Estate 90
Food Industry 71
Telecoms 31
Electronics 28
Pharmaceutical, Parapharmaceutical
and Cosmetics 27
Telecoms 3.189,46
SPAIN
Distribution and Retail 2.002,45
Healthcare, Hygiene, Medical
Aesthetics and Cosmetics 1.824,77
Technology 1.561,95
Ports 948,65
Biotechnology 817,91
Solar Energy 21
Wind Energy 18
Electric Energy 17
Biomass 5
Biofuel 2
Hydraulic Energy 2
Sectors and Subsectors
Geothermal Energy 1
Nuclear Energy 0
SPAIN
Private Equity
9
COMPLETED
Smaller Market
7
(<EUR 100m) Venture Capital CANCELLED
5
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 21
Big Ticket
acquisitions
Solar
(≥EUR 500m)
abroad 21
Distressed
Largest transactions
SPAIN
6 CANCELLED
Due Diligence
1 KPMG Spain
Private Equity
2 EY Spain (Ernst & Young) COMPLETED
10
Smaller Market
8
(<EUR 100m) Venture Capital CANCELLED
6
4
Private Equity/Venture Capital with investments Country Number of investments
2 Foreign
Foresight
MidGroup
Market United Kingdom 0 1
0 acquisitions
(≥EUR 100m)
Helia Renovables Spain 1
in Spain
Q Growth Fund Spain 1
TOTAL
Spanish 18
Big Ticket
(≥EUR 500m) acquisitions
Wind
abroad 18
TTR - Transactional Track Record (www.TTRecord.com) 61
Distressed
TOTAL
Spanish 21
Big Ticket
acquisitions
Solar
(≥EUR 500m)
abroad 21
Distressed
Oil and Gas
Private Equity
8
COMPLETED
Smaller Market
(<EUR 100m) 6 Venture Capital CANCELLED
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 19
Big Ticket
(≥EUR 500m) acquisitions
Oil/Gas
abroad 19
Distressed
Funeral Services
Sectors and Subsectors
Largest transactions
Smaller Market
8
(<EUR Logística
Compañía 100m) de Macquarie European Venture Capital CANCELLED
2 AMP Capital, Oman Oil Company 1.000,00
Hidrocarburos (CLH) Infrastructure
6 Fund 5
abroad 18
2 BBVA Corporate Finance 1 Clifford Chance UK
2 Deloitte Spain Distressed 1 Clifford Chance Luxembourg
3 BNP Paribas 1 2 3 Linklaters Spain
3 The Boston Consulting Group (BCG) 2 Allen & Overy Spain
2 Deloitte Legal
3 KPMG Spain
2 3 KPMG Abogados
2 Gómez-Acebo & Pombo Spain
Due Diligence Private Equity
7 3 Garrigues Spain COMPLETED
1 EY Spain (Ernst & Young)
Smaller Market 3 Uría Menéndez Spain
2 3 Deloitte
(<EURSpain
100m) 5 Venture Capital CANCELLED
1
Private Equity/Venture Capital with investments Country Foreign Number0of investments
Mid Market
0 acquisitions
(≥EUR 100m)
Artá Capital Spain 1
in Spain
Deyá Capital Spain 1
TOTAL
Spanish 17
Big Ticket
(≥EUR 500m) acquisitions
Electric
abroad 17
62 TTR - Transactional Track Record (www.TTRecord.com)
Distressed
TOTAL
Spanish 19
Big Ticket
(≥EUR 500m) acquisitions
Oil/Gas
abroad 19
Distressed
Wind Energy
Funeral Services
Total number of transactions
Private Equity
10
COMPLETED
Smaller Market
8
(<EUR 100m) Venture Capital CANCELLED
6
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 18
Big Ticket
(≥EUR 500m) acquisitions
Wind
abroad 18
Distressed
Smaller Market
1 ENEOP ACE Portugal EDP Renewables Europe
Venture Capital
248,00
SPAIN
(<EUR 100m) 5 CANCELLED
Lestenergía - Exploração
2 3 Saeta Yield ProCME 104,00
De Parques Eólicos
1 Foreign
3 Vengano, Fingano Saeta Yield Corporación América, Grupo San0José 58,26
Mid Market
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Financial Advisors Legal Advisors 17
Big Ticket Spanish
1 Banco BPI 1
acquisitions Serra Lopes, Cortes Martins Advogados
(≥EUR 500m)
Electric
1 Millennium BCP abroad 17
Morais Leitão, Galvão Teles, Soares da Silva &
1 2
Associados
3 Lazard
Distressed 2 Cuatrecasas Portugal
2 Deloitte Legal
3 Clifford Chance Spain
3 Guyer & Regules
3 Jimenez de Arechaga, Viana & Brause
3 M & M Bomchil Abogados
Wind
abroad 18
Distressed
Electric Energy
Private Equity
7
COMPLETED
Smaller Market
(<EUR 100m) 5 Venture Capital CANCELLED
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 17
Big Ticket
(≥EUR 500m) acquisitions
Electric
abroad 17
Distressed
Sectors and Subsectors
Largest transactions
JZ Capital Partners,
2 Factor Energía Private Shareholders 70,11
Private Shareholders
Fondo de Inversión en
3 Redesur Red Eléctrica Internacional Infraestructura Servicios Públicos 27,15
y Recursos Naturales (FIISR)
Construction (Materials 13
and Machinery)
Private Equity
50
COMPLETED
Smaller Market
40
(<EUR 100m) Venture Capital CANCELLED
30
20
10 Foreign
Mid Market 1
0 acquisitions
(≥EUR 100m)
in Spain
RealEstate
TOTAL
Spanish 91
Big Ticket
(≥EUR 500m) acquisitions
abroad 90
Distressed
Largest transactions
Sectors and Subsectors
Smaller Market
Axa
4 Investment Managers-
Venture Capital
SPAIN
Resa(<EUR 100m) de
(Residencias Real Assets, CBRE Global CANCELLED
Artá Capital, Grupo Mutua
2 388,00
Estudiantes) Investment
3 Partners (GIP), Madrileña, Azora, March Campus
Greystar
2
Distressed
Construction (Materials and Machinery)
Private Equity
5
COMPLETED
Smaller Market
4
(<EUR 100m) Venture Capital CANCELLED
3
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Construction
TOTAL
Spanish 13
Big Ticket
(≥EUR 500m) acquisitions
abroad 13
Distressed
Largest transactions
SPAIN
KKR Credit Advisors,
2 Ursa Insulation Xella Group 470,00
Private Shareholders
71
Food Industry
Glass, Ceramic, 44
Paper, Plastics,
Wood and Timber
41
Steel, Metallurgy and
Industrial Production
Pharmaceutical,
Parapharmaceutical 27
and Cosmetics
Sectors and Subsectors
26
Fashion and Textile
SPAIN
Chemical and
Chemical Materials 18
Automotive and
Recreational Vehicles 17
Shipbuilding 4
Aerospace and
Aeronautical 3
Tobacco 0
Private Equity
20
COMPLETED
Smaller Market
(<EUR 100m) 15 Venture Capital CANCELLED
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
FoodIndustry
TOTAL
Spanish 71
Big Ticket
(≥EUR 500m) acquisitions
abroad 71
Distressed
Smaller Market
12
1 Caroli Foods Group Campofrío Private ShareholdersCANCELLED
Venture Capital 49,00
SPAIN
(<EUR 100m)
9
2 Agro2Agri Ajinomoto
6
OmniChem Dadelos 35,00
3 Foreign
3 Ibérica
Mid Marketde Sales Sulquisa Private Shareholders 0 16,84
0 acquisitions
(≥EUR 100m)
in Spain
Glass/Ceramic
TOTAL
Spanish 44
Big Ticket
(≥EUR 500m) acquisitions
abroad 44
Financial Advisors Legal Advisors
1 Deloitte Spain Distressed 2 Cuatrecasas Spain
2 EY Spain (Ernst & Young) 2 Garrigues Spain
Due Diligence
2 EY Spain (Ernst & Young)
Private Equity
40
COMPLETED
Smaller Market 35
15
TOTAL
Spanish 41
Big Ticket
(≥EUR 500m) acquisitions
abroad 41
TTR - Transactional Track Record (www.TTRecord.com) 69
Distressed
FoodIndust
TOTAL
Spanish 71
Big Ticket
(≥EUR 500m) acquisitions
abroad 71
Distressed
Glass, Ceramic, Paper, Plastics, Wood and Timber
Private Equity
15
COMPLETED
Smaller Market
12
(<EUR 100m) Venture Capital CANCELLED
9
3 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Glass/Ceramic
TOTAL
Spanish 44
Big Ticket
(≥EUR 500m) acquisitions
abroad 44
Distressed
Largest transactions
Sectors and Subsectors
2 Keraben
SmallerGrupo
Market Victoria
35 274,00
Private Shareholders
(<EUR 100m) 30 Venture Capital CANCELLED
25
3 Santos Barosa Vidros Vidrala
20 Private Shareholders 252,70
15
10
5 Foreign
FinancialMid
Advisors
Market Legal Advisors 0
0 acquisitions
1 Deutsche
(≥EUR 100m) Bank
in 1Spain
Allen & Overy Spain
1 Lazard 1 Deloitte Legal
Steel/Metal
2 Livingstone Partners 1 Jones Day Spain TOTAL
2 Robert W. Baird & Co Spanish 1 PwC Tax & Legal Spain41
Big Ticket
2 Deloitte Spain
(≥EUR 500m) acquisitions
1 Russel & Bedford Spain
abroad 41
2 3 Millennium BCP 1 2 Uría Menéndez Spain
Distressed 1 KPMG Abogados
Due Diligence 2 Broseta Abogados
Smaller Market
Private Equity/Venture
(<EUR 100m)Capital 15 Number of Venture Private
Capital Equity/Venture Capital
CANCELLED Number of
Country Country
with investments investments with investments investments
10
United Fondo Nazca IV Spain 1
Acon Investments 1
States
United
5 Lone Star Funds
Foreign 1
Aurica Mid
III Market Spain 1 0 States
0 acquisitions
Fondo(≥EUR
Diana100m)
Capital II Spain 1 Ricari
in Spain Spain 1
Fondo Nazca I Spain 1 Tech Transfer Ventures Spain 1
TOTAL
Spanish 38
Big Ticket
(≥EUR 500m) acquisitions
70 abroad 38Record (www.TTRecord.com)
TTR - Transactional Track
Other
Distressed
TOTAL
Glass/Cera
Spanish 44
Big Ticket
(≥EUR 500m) acquisitions
abroad 44
Distressed
Private Equity
40
COMPLETED
Smaller Market 35
15
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Steel/Metal
TOTAL
Spanish 41
Big Ticket
(≥EUR 500m) acquisitions
abroad 41
Distressed
SPAIN
(<EUR 100m) 15 Venture Capital CANCELLED
sors & Controls
10
2 Extol MCH Private Equity Private Shareholders 40,00
5 Foreign
Mid Market Miura Private Equity, 0
3 GH Induction Group Park Ohio acquisitions 40,00
(≥EUR 100m)
0
Private Shareholders
in Spain
TOTAL
Spanish 38
Big Ticket
(≥EUR 500m) acquisitions
Financial Advisors Legal Advisors
abroad 38
Other
Smaller Market
8
(<EUR 100m) Venture Capital CANCELLED
6
4
Private Equity/Venture Capital with investments Country Number of investments
2
Clave Mayor
Mid Market Spain Foreign 0 1
0 acquisitions
Lanpar(≥EUR
2013 100m) Spain in Spain 1
MCH Private Equity Spain 1
Oquendo Capital Spain TOTAL 1
Q Growth Fund Spain
Spanish 27 1
Big Ticket
Pharma
Distressed
Private Equity
COMPLETED
Steel/Metal
TOTAL
Spanish 41
Big Ticket
(≥EUR 500m) acquisitions
abroad 41
Distressed
Other Consumer Goods
Private Equity
20
COMPLETED
Smaller Market
(<EUR 100m) 15 Venture Capital CANCELLED
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 38
Big Ticket
(≥EUR 500m) acquisitions
abroad 38
Other
Distressed
10
COMPLETED
Target
Smaller Market Buyer Seller Value (EURm)
8
(<EUR 100m) Venture Capital CANCELLED
Private Shareholders,
1 Flex 6 Deyá Capital II, Deyá Capital III 80,00
Aurica Capital
SPAIN
4
Ibercaja, A-Capital Activos
2 Araven Pack4u
2 Empresariales, Capital Innovación 37,00
Foreign
Mid Market y Crecimiento 0
0 acquisitions
(≥EUR 100m)
in Spain
3 Servifiltro Camfil Private Shareholders 6,10
TOTAL
Spanish 27
Big Ticket
Pharma
(≥EUR 500m) acquisitions
abroad 27
Financial Advisors Legal Advisors
1 GBS Finanzas Distressed 1 Clifford Chance Spain
1 Impulsa Capital 1 Uría Menéndez Spain
2 Deloitte Spain 1 3 Cuatrecasas Spain
2 KPMG Spain 2 Gómez-Acebo & Pombo Spain
2 King & Wood Mallesons Spain
Private Equity
12 2 Garrigues Spain COMPLETED
Smaller Market
Due Diligence 10 3 Baker McKenzie Spain
(<EUR 100m) Venture Capital CANCELLED
2 Deloitte Spain 8
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Distressed
TOTAL
Spanish 38
Big Ticket
(≥EUR 500m) acquisitions
abroad 38
Pharmaceutical, Parapharmaceutical and Cosmetics
Other
Distressed
Private Equity
10
COMPLETED
Smaller Market
8
(<EUR 100m) Venture Capital CANCELLED
6
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 27
Big Ticket
Pharma
(≥EUR 500m) acquisitions
abroad 27
Distressed
Largest transactions
SPAIN
Magnum Capital,
2 Generis - Farmacêutica 6Agile Pharma 135,00
Private Shareholders
4
Pharma
(≥EUR 500m) acquisitions
abroad 27
Private Equity
12
COMPLETED
Smaller Market 10
(<EUR 100m) Venture Capital CANCELLED
8
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 26
Big Ticket
Fashion
(≥EUR 500m) acquisitions
abroad 26
Distressed
Largest transactions
Sectors and Subsectors
Castellano Investments,
SPAIN
Agriculture,
Agribusiness, 14
Farming and Fishing
Mining 2
Forestry 0
Private Equity
6
COMPLETED
Smaller Market 5
(<EUR 100m) Venture Capital CANCELLED
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Agriculture
TOTAL
Spanish 14
Big Ticket
(≥EUR 500m) acquisitions
abroad 14
Distressed
Sectors and Subsectors
Largest transactions
92
Financial and Insurance
91
Distribution and Retail
90
Consultancy, Audit
and Engineering
72
Tourism, Hotels
and Restaurants
Healthcare, Hygiene, 71
Medical Aesthetics
and Cosmetics
44
Sports and Leisure
SPAIN
Food and Beverage 25
Marketing and
Advertising 22
Cars, Motorcycles
and Other Vehicles 22
Media, Multimedia
and Editorial 20
Waste Management,
Pollution and Recycling 16
Education 15
Event Production
and Management 8
Inspection and
Certification 8
Funeral Services 7
Luxury Goods
and Services 3
Courier 3
Private Equity
40
COMPLETED
Smaller Market 35
20
15
10 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Financial
Spanish 92
Big Ticket
(≥EUR 500m) acquisitions
abroad 92
Distressed
Sectors and Subsectors
Largest transactions
Private Equity
Target Buyer Seller COMPLETED Value (EURm)
45
40
Smaller Market Fondo de Reestructuración
35
Venture Capital
SPAIN
1 (<EUR
Banco 100m)
Popular Banco
30 Santander CANCELLED
Ordenada Bancaria (FROB), Private 7.000,00
25 Shareholders
20
Banco Santander, Eurizon Capital
Hellman
15 & Friedman, GIC
2 Allfunds Bank 10 SGR, General Atlantic, Warburg 1.880,00
Realty
5 Pincus
Foreign
Mid Market 0
0 acquisitions
Dogus Group, Dogus Arastirma
3 (≥EUR 100m)
Turkiye Garanti Bankasi BBVA 859,00
in Spain
Gelistirme ve Musavirlik Hizmetleri
Distribution
TOTAL
Spanish 91
Big Ticket
(≥EUR 500m) acquisitions
abroad 91
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Consultancy
TOTAL
Spanish 90
Big Ticket
(≥EUR 500m) acquisitions
abroad 90
78 TTR - Transactional Track Record (www.TTRecord.com)
Distressed
Private Equity/Venture Capital with investments Country Number of investments
InnoCells Spain 1
Intertrust Switzerland 1
KFund Spain 1
SPAIN
Point Nine Capital Germany 1
Ricari Spain 2
Financial
Spanish 92
Big Ticket
(≥EUR 500m) acquisitions
abroad 92
Distressed
Distribution and Retail
Private Equity
45
COMPLETED
40
Smaller Market
35
(<EUR 100m) Venture Capital CANCELLED
30
25
20
15
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Distribution
TOTAL
Spanish 91
Big Ticket
(≥EUR 500m) acquisitions
abroad 91
Distressed
Sectors and Subsectors
Largest transactions
Target Buyer
Private Equity
Seller Value (EURm)
30
COMPLETED
SPAIN
1 Pronovias
Smaller Market BC Partners Private Shareholders 550,00
25
(<EUR 100m) Venture Capital CANCELLED
20
Centro Comercial Xanadú,
Ivanhoé Equity Spain, Ivanhoé
2 Ocio y Nieve, Madrid Intu
15 Properties 530,00
Europe Capital
Xanadú Management 10
Castellano Investments,
3 Cortefiel, MEP Retail Spain 5 Foreign
Permira 0 358,00
Mid Market Masaria Investments
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Consultancy
Spanish 90
Big Ticket
Financial Advisors
(≥EUR 500m) Legal Advisors
acquisitions
abroad 90
2 Eastdil Secured 1 2 3 Linklaters Spain
3 Deloitte Spain Distressed 1 Linklaters UK
1 Uría Menéndez Spain
2 Clifford Chance Spain
Due Diligence 2 Deloitte Legal
1 EY Spain (Ernst & Young) 3 Pérez-Llorca
3 Garrigues Spain
Private Equity
30
COMPLETED
Smaller Market 25
(<EUR 100m) Venture Capital CANCELLED
20
15
10
5
Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 72
Big Ticket
(≥EUR 500m) acquisitions
Tourism
abroad 72
80 TTR - Transactional Track Record (www.TTRecord.com)
Distressed
Private Equity/Venture Capital with investments Country Number of investments
N Capital Spain 2
SPAIN
Partners Group Switzerland 2
Sodena Spain 1
TA Ventures Ukraine 1
Distributio
Spanish 91
Big Ticket
(≥EUR 500m) acquisitions
abroad 91
Distressed
Private Equity
30
COMPLETED
Smaller Market 25
(<EUR 100m) Venture Capital CANCELLED
20
15
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Consultancy
TOTAL
Spanish 90
Big Ticket
(≥EUR 500m) acquisitions
abroad 90
Distressed
Largest transactions
Sectors and Subsectors
Smaller Market 25
2 Geotech Holding Acciona Geotech Holding Lazard Australia Private Equity
Venture Capital
140,76
SPAIN
15
3 Mave Aeronáutica Trigo Group Private Shareholders 73,00
10
5
Foreign
0
FinancialMid Market
Advisors 0 Legal Advisors
acquisitions
(≥EUR 100m)
1 BNP Paribas Corporate & Investment Banking Spain in 1Spain Ashurst Spain
HCapital Portugal 1
Spanish 71 United
BigCapital
Inveready First Ticket Spain 1 Warburg Pincus 1
acquisitions
States
(≥EUR 500m)
Inveready First Capital II Spain 1 abroadWayra Chile 71 Chile 2
Distressed
Private Equity
20
COMPLETED
Consultancy
TOTAL
Spanish 90
Big Ticket
(≥EUR 500m) acquisitions
abroad 90
Distressed
Tourism, Hotels and Restaurants
Private Equity
30
COMPLETED
Smaller Market 25
(<EUR 100m) Venture Capital CANCELLED
20
15
10
5
Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 72
Big Ticket
(≥EUR 500m) acquisitions
Tourism
abroad 72
Distressed
Smaller Market
Target Buyer
25 Seller Value (EURm)
(<EUR 100m) Venture Capital CANCELLED
20
GTA Travel Holding, Kuoni
1 Hotelbeds Group Kuoni Group 575,00
Holdings 15
SPAIN
10
Travel Holdings Parent
2 Corporation, Hotelbeds Hotelbeds
5 Group -
Foreign 424,00
Mid 0
USMarket
Holdco 0 acquisitions
(≥EUR 100m)
in Spain
Global Student
3 Nexo Residencias Oaktree Capital Management 320,00
Accommodation Group (GSA)
Healthcare
TOTAL
Spanish 71
Big Ticket
Financial Advisors
(≥EUR 500m) acquisitions
Legal Advisors
abroad 71
1 2 PwC Spain 1 2 Freshfields Bruckhaus Deringer Spain
Distressed 2 PwC Tax & Legal Spain
Due Diligence CMS Albiñana & Suárez de Lezo
3
1 2 PwC Spain
Private Equity
Private Equity/Venture Capital with investments Country Number of investments
20
COMPLETED
Black Toro Capital United Kingdom 1
Smaller Market
Capital Partners
(<EUR 100m) VentureChile
Capital 2
15 CANCELLED
Corpfin Capital Spain 1
GPF Capital 10 Spain 1
Inveravante Spain 1
5 Foreign
KKR Mid Market United States 0 1
0 acquisitions
(≥EUR 100m)
MCH Private Equity Spain
in Spain 1
Meridia Private Equity I Spain 1
N Capital Spain TOTAL 1
Transport
Spanish 56
Portobello Capital
Big Ticket Spain 1
(≥EUR Capital
500m) acquisitions
Sabadell Venture abroad
Spain 56 1
SeedRocket 4Founders Capital Spain 1
Distressed
Private Equity
20
COMPLETED
Smaller Market
(<EUR 100m) 15 Venture Capital CANCELLED
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 72
Big Ticket
(≥EUR 500m) acquisitions
Tourism
Healthcare, Hygiene, Medical Aesthetics and Cosmetics72 abroad
Distressed
Private Equity
30
COMPLETED
Smaller Market 25
(<EUR 100m) Venture Capital CANCELLED
20
15
10
5
Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Healthcare
TOTAL
Spanish 71
Big Ticket
(≥EUR 500m) acquisitions
abroad 71
Distressed
Largest transactions
Sectors and Subsectors
Smaller Market
(<EUR 100m) 15 Venture Capital CANCELLED
Private Equity/Venture Capital Number of Private Equity/Venture Capital Number of
Country Country
with investments 10 investments with investments investments
Distressed
Transport, AviationDistressed
and Logistics
Private Equity
20
COMPLETED
Smaller Market
(<EUR 100m) 15 Venture Capital CANCELLED
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Transport
Spanish 56
Big Ticket
(≥EUR 500m) acquisitions
abroad 56
Distressed
Largest transactions
SPAIN
10
Infraestructura III
5 Hanjin Shipping, Korea Investment
Hyundai Merchant Marine Foreign
3 TTIMarket
Mid Algeciras Partners, IBK Investment &0 95,40
(HMM)
0 acquisitions
(≥EUR 100m) Securities
in Spain
Sports
abroad
1 3 Uría Menéndez China 44
Due Diligence 1 Clifford Chance China
1 PwC Spain Distressed 1 Clifford Chance Spain
1 KPMG Spain 1 Clifford Chance Hong Kong
1 Clifford Chance UK
1 Slaughter And May Hong Kong
1 Slaughter And May UK
2 Garrigues Chile
3 Bae, Kim & Lee
3 Shin & Kim
TOTAL
Transport
Spanish 56
Big Ticket
(≥EUR 500m) acquisitions
abroad 56
Sports and Leisure
Distressed
Private Equity
20
COMPLETED
Smaller Market
(<EUR 100m) 15 Venture Capital CANCELLED
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 44
Big Ticket
(≥EUR 500m) acquisitions
Sports
abroad 44
Distressed
Largest transactions
Sectors and Subsectors
Technology
158
Internet
31
Telecoms
Biotechnology 0
SPAIN
Private Equity
200
COMPLETED
Smaller Market
(<EUR 100m) 100 Venture Capital CANCELLED
150
50 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Technology
TOTAL
Spanish 273
Big Ticket
(≥EUR 500m) acquisitions
abroad 273
Distressed
Sectors and Subsectors
Largest transactions
Private Equity
Target Buyer
120
Seller COMPLETED Value (EURm)
Smaller Market 100 Nauta Capital, Idinvest Partners, BBVA,
(<EUR Take-Two Interactive Venture Capital
Point100m) CANCELLED
SPAIN
TOTAL
Spanish 158
Big Ticket
acquisitions
Internet
(≥EUR 500m)
Financial Advisors abroad
Legal Advisors 158
SPAIN
Bullnet Capital III Spain 1 Seed CDC Spain 3
Cabiedes & Partners Spain 6 SeedRocket 4Founders Capital Spain 3
Caixa Capital Risc Spain 7 Sistema Venture Capital Russia 1
Capital Partners Chile 4 Sputnik Ventures Spain 2
Capitana Venture Partners Spain 2 Start up Capital Navarra Spain 1
Carlyle United States 1 Stella Maris Partners Mexico 2
CG Health Ventures Spain 3 Swanlaab Giza Innvierte I Spain 4
Cisco Investments United States 1 Swanlaab Venture Factory Spain 1
Connect Ventures United Kingdom 1 TA Ventures Ukraine 1
Expon Capital Luxembourg 1 Tandem Capital Spain 1
Fides Capital Spain 3 Turtle Capital Spain 1
Fintech Ventures Spain 2 Two Sigma Ventures United States 1
Foundation Capital United States 1 Udekta Capital Spain 1
Geetcha Spain 1 UN I+D+i Technology Transfer Spain 3
General Atlantic United States 1 Union Square Ventures (USV) United States 1
Gestión de Capital Riesgo del Unirisco Spain 2
Spain 1
País Vasco Up Capital Spain 1
Holtzbrinck Ventures Germany 1
VARIV Capital Mexico 1
Idodi Venture Capital Spain 2
VenturCap Spain 1
Index Ventures United Kingdom 2
Victoria Venture Capital Spain 2
InnoCells Spain 1
Wayra Spain 4
Innogest Italy 1
Wayra Chile Chile 1
Insight Venture Partners United States 1
WOW Brazil 1
Intel Capital United States 1
Xesgalicia Spain 3
Inveready First Capital Spain 1
Ysios BioFund I Spain 1
Inveready First Capital II Spain 1
Ysios Biofund II Spain 1
Inveready Venture Finance Spain 1
Ysios Capital Partners Spain 1
Distressed
Internet
Private Equity
120
COMPLETED
60
40
20 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 158
Big Ticket
acquisitions
Internet
(≥EUR 500m)
abroad 158
Distressed
Sectors and Subsectors
Largest transactions
Private Shareholders
Rakuten, Seaya Ventures,
Antai Ban, Bonsai Venture
2 Glovo App Capital, Entrée Capital, - 30,00
Private Shareholders, Cathay
Innovation, TCA Glovo
Private Shareholders, Active Ven-
3 ReviewPro Shiji Hong Kong 26,41
ture Partners
SPAIN
Caixa Capital Risc Spain 1
SeedRocket 4Founders Capital Spain 2
Capital Partners Chile 2
CNBB Venture Partners Netherlands 1 SeedSyndicates Spain 1
A Alantra Awards
Auriga
AZ Capital
Banco Santander
BBVA
BNP Paribas
C Citigroup
CREA Inversión
D
Financial Advisors
Deutsche Bank
E Eurohold
SPAIN
G GBS Finanzas
H Haitong Securities
J J.P. Morgan
L Lazard
Livingstone Partners
M Marlborough Partners
Mediobanca
Millennium BCP
Montalbán
N Natixis Partners
Norgestión
P PKF Attest
*Deals announced in 2017. Status Completed. Does not include asset acquisitions nor Joint Ventures.
Does not include due diligence nor any other type of specialized advice.
Arcano Partners
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Fondo de Reestruc-
Financial and turación Ordenada
Banco Popular Spain Banco Santander 7.000,00 -
Insurance Bancaria (FROB),
Financial Advisors
Private Shareholders
Torreal,
Springwater
Aeroespacial y Towerbrook
Aernnova Spain Capital, Accionistas 900,00 -
Aeronáutico Capital Partners,
SPAIN
Particulares
Peninsula Capital
Healthcare,
Hygiene, Medical
Hospitales Nisa Spain Vithas Private Shareholders 198,13 -
Aesthetics and
Cosmetics
AZ Capital
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Cellnex Telecom, Swiss Life Asset
Swiss
Financial Advisors
Banco Santander
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Banco Santander,
Financial and Hellman & Fried- Eurizon Capital SGR,
Allfunds Bank Spain 1.880,00 -
Insurance man, GIC Realty General Atlantic,
Warburg Pincus
EDF Energies
Fotosolar Spain Solar Energy Helia Renovables 300,00 -
Nouvelles
Ports; Transport,
Noatum Ports COSCO SHIPPING
Spain Aviation and TPIH Iberia 203,49 -
Holdings Ports (Spain)
Logistics
BNP Paribas
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Financial Advisors
Ardian, Kutxabank
Compañía Logística
(fusión de BBK,
de Hidrocarburos Spain Oil and Gas Global Casandra 1.000,00 -
Kutxa y Vital),
(CLH)
Abanca, AIMCo
SPAIN
Consultancy, Audit
Accelya, Accelya Spain, and Engineering;
Warburg Pincus Chequers Capital 604,37 -
Holding Luxembourg Financial and
Insurance
Aviva Vida y Financial and Seguros Santa
Spain Aviva Europe 446,00 -
Pensiones Insurance Lucía
Citigroup
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Fondo de Reestructuración
Banco Financial and
Spain Banco Santander Ordenada Bancaria (FROB), 7.000,00 -
Popular Insurance
Private Shareholders
Banco Santander, Eurizon
Allfunds Financial and Hellman & Fried-
Spain Capital SGR, General Atlantic, 1.880,00
Bank Insurance man, GIC Realty
Warburg Pincus
Torreal, Towerbrook
Aeroespacial y Springwater Capital, Private
Aernnova Spain Capital Partners, 900,00 -
Aeronáutico Shareholders
Peninsula Capital
CREA Inversión
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Distribution and
Sentil Spain Sodena - 2,00 -
Retail
Athos Capital, Inveready Capi-
Parclick Spain Technology tal, Capitana Venture Partners, - 2,00 -
Financial Advisors
Private Shareholders
80 Més 4 Media, Multimedia Private
Spain Time Out Group - -
Publicacions and Editorial Shareholders
SPAIN
Deutsche Bank
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Wind Energy; Solar
Vela Energy Spain Sonnedix Group Centerbridge Partners 700,00 -
Energy; Hydraulic Energy
Investcorp, Private
Glass, Ceramic, Paper,
Lone Star Funds Shareholders,
Esmalglass Spain Plastics, Wood and 605,00
(Global) Intermediate Capital
Timber
Group (ICG)
Aviva Vida y Seguros Santa
Spain Financial and Insurance Aviva Europe 446,00 -
Pensiones Lucía
GBS Finanzas
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Colonial Spain Real Estate Inmo Private Shareholders 117,40 -
Other Consumer Private Shareholders, Deyá Capital II, Deyá
Flex Spain 80,00 -
Goods Aurica Capital Capital III
Tourism, Hotels BlueGem Capital Private Shareholders,
Lateral Spain 50,00 -
Financial Advisors
and Restaurants Partners Proyectos Farola
SPAIN
Haitong Securities
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
EDP Gás, EDP Gás Distribuição,
Edp Gás Gpl - Comércio De Gás Portugal Oil and Gas REN, Gás EDP Iberia 532,40
De Petróleo Liquefeito
Scutvias - Autoestradas Da Beira Transport,
Lineas -
Interior, MRN - Manutenção de Aviation
Portugal Globalvia Inversiones Concessões de 75,00 -
Rodovias Nacionais, Portvias - and
Transportes
Portagem de Vias Logistics
Artá Capital Fund
II FCR, Artá Capital
Fund II A SCR, Artá
Gascan Portugal Portugal Oil and Gas Eficácia Verde 70,00 -
Capital Fund II B SCR,
Deyá Capital IV SCR,
Private Shareholders
J.P. Morgan
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Fondo de Reestructuración
Banco Ordenada Bancaria
Banco Popular Spain Financial and Insurance 7.000,00 -
Financial Advisors
Parselaya
Biotechnology;
Healthcare, Hygiene,
Medical Aesthetics
Accriva United Warburg Pincus,
and Cosmetics; WerfenLife 358,00
Diagnostics States Private Shareholders
Pharmaceutical,
Parapharmaceutical and
Cosmetics
Lazard
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Telefónica
Germany Telecoms Telefónica KPN 740,00 -
Deutschland
Investcorp, Private
Glass, Ceramic, Paper, Lone Star
Esmalglass Spain Shareholders, Intermediate 605,00
Plastics, Wood and Timber Funds
Capital Group (ICG)
Ursa Construction (Materials KKR Credit Advisors,
Spain Xella Group 470,00 -
Insulation and Machinery) Private Shareholders
Marlborough Partners
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Plénido Healthcare, Hygiene, Medical
Spain Portobello Fund IV Realza Capital - -
Dental Aesthetics and Cosmetics
Healthcare, Hygiene, Medical Private
Láser 2000 Spain Portobello Fund IV - -
Aesthetics and Cosmetics Shareholders
Financial Advisors
Healthcare, Hygiene, Medical Private
Facialdent Spain Portobello Fund IV - -
Aesthetics and Cosmetics Shareholders
SPAIN
No. of deals Total value
advised* 5 (EURm)
-
Mediobanca
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Holding d•Infrastruc- Roads and High- Abertis, AXA Group, Caisse des
France 700,00 -
tures de Transports (HIT) ways Prédica Dépôts
Groupe Bruxelles
Parques Reunidos Spain Sports and Leisure Arle Capital 208,00 -
Lambert (GBL)
Remolques y Servicios Grupo
Spain Other Services P&O Repasa 152,00 -
Marítimos (Reyser) Bergé
Montalbán
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Corpfin Capital,
Global 3 Combi, Impala Capital
Spain Electric Energy Cyclicus DDP DOS 321,00 -
Global 3 Energía Partners, GED
Financial Advisors
Infrastructure
Chemical and Eurazeo, Private
Iberchem Spain Magnum Capital 270,00 -
Chemical Materials Shareholders
Consultancy, Audit
SPAIN
Natixis Partners
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Naturgas Energía Nature
Spain Oil and Gas EDP - Energias de Portugal 2.591,00 -
Distribución Investments
Ardian, Kutxabank (fusión
Compañía Logística de Global
Spain Oil and Gas de BBK, Kutxa y Vital), 1.000,00 -
Hidrocarburos (CLH) Casandra
Abanca, AIMCo
Negocio
Telecomunicaciones Colombia Telecoms Ufinet IFX Networks 100,00 -
Colombia
Financial Advisors
(Solan), Profesionales en Germans
Spain (Materials and Private Shareholders - -
Andamios del Vallès (Provallès), Homs
Machinery)
Alqui Construcción Cataluña
SPAIN
No. of deals Total value
advised* 3 (EURm)
74,30
PKF Attest
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
HOWZAT Partners, HR
ByHours Spain Internet Ventures, Investiere, Private - 3,00 -
Shareholders
Transport, Aviation and Private
Vicarli Spain GPF Capital - -
Logistics Shareholders
Private
DIDIMO Spain Telecoms; Technology Link Mobility - -
Shareholders
Most
Largest Active Advisors in 2017
transactions Largest transactions
Lener
B Baker McKenzie Spain
Dentons Spain
S Squire Patton Boggs Spain
DLA Piper Spain
U Uría Menéndez Spain
E Ecija
Fourlaw
G Garrigues Spain
GBP Legal
* Deals announced in 2017. Status Completed. Does not include asset acquisitions nor Joint Ventures.
Does not include due diligence nor any other type of specialized advice.
Partners
Across Legal
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Insight Venture Partners, Kibo
1 Logtrust Spain Technology - 29,83 -
Ventures
Atlantic Bridge, Investing PROFit
2 Logtrust Spain Technology - 10,22 -
Wisely, Kibo Ventures
Private Shareholders, Samaipata
Blooming
3 Spain Internet Ventures, Mediaset Group, Private - 2,00 -
Legal Advisors
Experience
Shareholders, Sitka Capital Partners
SPAIN
No. of deals Total value
advised* 10 (EURm)
46,8
Partners
Partners
Country Value
Target (Target) Subsector Buyer Seller (EURm) Awards
Partners
Country Value
Target (Target) Subsector Buyer Seller (EURm) Awards
Legal Advisors
Corporación
Financiera Alba, Grupo
Aier Eye Hospital
Healthcare, Hygiene, Zriser, Investments
Clínica Group, Aier Eye
SPAIN
Partners
Partners
Legal Advisors
Fondo de Reestructuración
Banco Financial and Banco
1 Spain Ordenada Bancaria (FROB), 7.000,00 -
Popular Insurance Santander
Private Shareholders
SPAIN
Nauta Capital, Idinvest
Take-Two
Social Partners, BBVA, Greylock
2 Spain Technology Interactive 232,60 -
Point Partners, Highland Capital
Software
Partners, Private Shareholders
Healthcare,
Hospitales Hygiene, Medical
3 Spain Vithas Private Shareholders 198,13 -
Nisa Aesthetics and
Cosmetics
Partners
2 Enrique Valera
Baltar Abogados
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Healthcare, Hygiene, Grupo Hospital
Centro Médico Private
1 Spain Medical Aesthetics and de Madrid (HM - -
El Castro Vigo Shareholders
Cosmetics Hospitales)
Agriculture, Agribusi- Abderrahim
2 Sofinas Morocco Grupo Profand - -
ness, Farming and Fishing Zniber Group
Partners
Partners
2 Hermenegildo Altozano
Broseta Abogados
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Glass, Ceramic, Tensile Capital
Keraben
1 Spain Paper, Plastics, Wood Victoria Management, 274,00 -
Grupo
and Timber Private Shareholders
Laoconte
2 Spain Car Parks Parkia Liberbank 7,00 -
Operaciones
Demeter Financial and Atitlán Capital
3 Spain - 4,30 -
Áurea Insurance (Global)
Partners
Private Shareholders,
1 Entrenar.me Spain Technology; Internet - 0,41 -
Seed CDC
Seed CDC,
2 Jobin Spain Internet; Technology - 0,32 -
Private Shareholders
Partners
Legal Advisors
Llollo Kibo Ventures, Stella Maris Partners,
2 Spain Technology - 2,50 -
Mobility B4Motion, Private Shareholders
Technology; Kibo Ventures, KFund, Private Share-
SPAIN
3 Billin Spain - 1,50 -
Internet holders
Partners
Partners
Corominas Abogados
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Technology; Consultancy,
2 Zendos Spain Zertia Private Shareholders - -
Audit and Engineering
SPAIN
Partners
Cuatrecasas Spain
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Torreal, Towerbrook
Aeroespacial y Springwater Capital,
1 Aernnova Spain Capital Partners, 900,00 -
Aeronáutico Private Shareholders
Peninsula Capital
Wind Energy;
Centerbridge
2 Vela Energy Spain Solar Energy; Sonnedix Group 700,00 -
Partners
Hydraulic Energy
Grupo OTPP - Ontario
Spain,
3 Mémora, Funeral Services Teachers’ Pension 3i Group (Global) 450,00 -
Portugal
Servilusa Plan
Partners
Dentons Spain
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
1 Joparny Spain Real Estate MDSR Investments Ski Leasing UK Nº2 30,00 -
Private Shareholders,
2 Satlink Spain Telecoms Artá Capital - -
Luisdre Investments
Legal Advisors
No. of deals Total value
advised* 2 (EURm)
30,00
SPAIN
DLA Piper Spain
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Torreal,
Springwater
Aeroespacial y Towerbrook
1 Aernnova Spain Capital, Private 900,00 -
Aeronáutico Capital Partners,
Shareholders
Peninsula Capital
Construction KKR Credit
Ursa
2 Spain (Materials and Xella Group Advisors, Private 470,00 -
Insulation
Machinery) Shareholders
Acek Desarrollo
Automotive and
CIE Corporación y Gestión
3 Spain Recreational Vehicles; 303,20 -
Automotive Financiera Alba Industrial,
Biofuel
Mahindra Group
Partners
Partners
Oxy Capital
Sports and Fitness Mezzanine Fund,
2 Fitness Hut Portugal 50,00 -
Leisure BIDCO Uksa Malta, Edge
Capital
Nps European Propertu
Rockspring NPS
(Retail) I, Nps European
3 Spain Real Estate Lar Spain European Property 47,60 -
Propertu (Retail) II, Nps Eu-
Holding
ropean Propertu (Retail) III
Partners
Partners
Fourlaw
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Sabadell Venture Capital,
Legal Advisors
1 Trappit Spain Technology Swanlaab Giza Innvierte I, - 2,00 -
Private Shareholders
Technology; Security and Swanlaab Venture
SPAIN
Continuum
2 Spain Private Arms, Ammuni- Factory, JME Venture - 1,50 -
Security
tion and Explosives Capital, Sonae IM
Partners
Partners
GBP Legal
Legal Advisors
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
SPAIN
Partners
Partners
Legal Advisors
Global Vía Infrae-
Acciona Chile, Acciona
1 Chile Roads and Highways structuras Chile, 335,00
Ruta 160 Construcción Agencia
Globalvía Chile
Chile
SPAIN
Sports and Leisure; MCH Private Equity,
El Firmamento
2 Pacha Spain Tourism, Hotels and GPF Capital, Sena 290,00 -
Estelar
Restaurants Directorship
Chemical and Eurazeo, Private
3 Iberchem Spain Magnum Capital 270,00 -
Chemical Materials Shareholders
Partners
Partners
Glass, Ceramic,
Lone Star Funds Shareholders,
1 Esmalglass Spain Paper, Plastics, 605,00
(Global) Intermediate Capital
Wood and Timber
Group (ICG)
SPAIN
Axa Investment
Managers-Real Artá Capital, Grupo
Resa (Residencias Assets, CBRE Mutua Madrileña,
2 Spain Real Estate 388,00 -
de Estudiantes) Global Invest- Azora, March
ment Partners Campus
(GIP), Greystar
Internet; Tourism, Private Shareholders,
3 ReviewPro Spain Hotels and Shiji Hong Kong Active Venture 26,41 -
Restaurants Partners
Partners
Partners
Legal Advisors
Latham & Watkins Spain
SPAIN
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
IFM Global
Construction
Infrastructure Private
1 OHL México Mexico (Materials and 633,78
Fund, Magenta Shareholders
Machinery)
Infraestructura
Wilcoxon Research,
United
Piezo Technologies, Steel, Metallurgy and
2 States, Amphenol Meggitt 92,81 -
Piher Sensors & Industrial Production
Spain
Controls
Food Industry; Private
3 Alvinesa Spain - - -
Distribution and Retail Shareholders
Partners
Partners
Lexcrea
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Legal Advisors
Partners
Partners
Legal Advisors
SPAIN
Marimón Abogados
1 City Time Spain Distribution and Retail Pandora Private Shareholders 110,00 -
Marketing and
2 T2O Media Spain Ardian Private Shareholders - -
Advertising
Partners
Partners
Shareholders
Access United
2 Biotechnology Grifols Private Shareholders 47,84 -
Biologicals States
Grifols Innovation
United
3 GigaGen Biotechnology and New Private Shareholders 30,87 -
States
Technologies
Partners
Partners
Legal Advisors
Pinsent Masons Spain
SPAIN
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Sidecu Private
1 Spain Sports and Leisure Portobello Fund IV 150,00 -
(Centros Supera) Shareholders
Construction (Mate-
2 Pladur Gypsum Spain Etex Group COEMAC 114,03 -
rials and Machinery)
Eurosearch & Private
3 Ezentia Spain Spain Other Services - -
Associés Shareholders
Partners
2 Idoya Arteagabeitia
Partners
Ramón y Cajal
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Legal Advisors
GIC Realty,
1 Axiare Patrimonio Spain Real Estate Colonial 849,38 -
Private Shareholders
2
SPAIN
Partners
Partners
2 Adolf Rousaud
2 Íñigo Montesino-Espartero
Legal Advisors
Roca Junyent
SPAIN
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Biotechnology; Healthcare,
Hygiene, Medical
Accriva United Aesthetics and Cosmetics; Warburg Pincus,
1 WerfenLife 358,00
Diagnostics States Pharmaceutical, Private Shareholders
Parapharmaceutical and
Cosmetics
Lar Spain
2 Offices Spain Real Estate Colonial Lar Spain 32,54 -
Arturo Soria
Ferrer Banco Sabadell,
3 EXEL Spain Financial and Insurance & Ojeda Bitarte, Guipuzcoano 6,50 -
Asociados Valores
Partners
ESIF I, Transport
Macquarie European Infrastructure
2 Empark Spain Car Parks 1.000,00 -
Infrastructure Fund 5 Holding Company,
Haitong International
Holdings
Compañía Ardian, Kutxabank
Logística de (fusión de BBK, Kutxa
3 Spain Oil and Gas Global Casandra 1.000,00 -
Hidrocarburos y Vital), Abanca,
(CLH) AIMCo
Partners
Partners
Legal Advisors
YouandLaw
Country Value
SPAIN
Target Subsector Buyer Seller Awards
(Target) (EURm)
Internet; Financial Seaya Ventures, Struck
1 MoneyGuru Spain - 6,63 -
and Insurance Capital, Nova Founders
Healthcare, Hygiene,
2 Geniova Spain Medical Aesthetics Straumann - 3,00 -
and Cosmetics
Athos Capital, Inveready
3 Parclick Spain Technology Capital, Capitana Venture - 2,00 -
Partners, Private Shareholders
Partners
M&A
LEGEND X Axis - AVERAGE VALUE (EURm)
200
by type and year
5.225,48
Y Axis - No. OF TRANSACTIONS
M&A
*E xceptionally, this graph does not include the PE / VC
transactions in the total number of M&A.
200
2017
5.225,48
3.183,92 Mergers and Acquisitions (M&A)
2015
200
150 2016
2017 5.225,48
4.695,74
3.183,92
2015
8.161,24
150 2016
2017
2014
3.183,92 4.695,74
150 8.161,24
2016
0,00 100,00 150,00 200,00 250,00
4.695,74 2014
8.161,24
PE
0,00 100,00 150,00 200,00 250,00
50
2015
1.807,76
Private Equity
Visual Summary of 2017
PE
2017
50
2015
5.815,98
1.807,76
PORTUGAL
2014 2017
50
40
2015
2.664,86
1.807,76 5.815,98
2016
2014 2017
40 3.690,30
2.664,86 5.815,98
2014 2016
40
0,00 100,00 2.664,86 150,00 200,00 3.690,30
250,00 300,00 350,00
2016
3.690,30
0,00 100,00 150,00 200,00 250,00 300,00 350,00
VC
40
2016
2015
VC
95,19
40
2014 40,42
35
2016
16,81
2015
40 95,19
2014 40,42
35 2016
30 16,81 2015
2017 95,19
2014 40,42
35
92,46
16,81
30
2017
0,00 2,00 3,00 4,00 5,00
92,46
30
2017
18 3 17
Technology
83,70
Distribution 14 2 1
and Retail
20,74
Financial and 14 2 1
Insurance
1.337,24
Transport, Aviation 13 1 1
and Logistics 88,00
PORTUGAL
LEGEND
No. of transactions
118
141
242
Cross-border Transactions
Outbound Inbound
71
8k
66 67 65
60 60 7k Total No. Total value
57
49 49
6k Year of deals (EURm)
44 47
44
41 40 5k
38
33 4k 2017 242 9.092,36
3k
2016 222 8.481,23
2k
1k 2015 178 5.225,48
0k
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2014 189 10.842,91
Percentage of Deals
8% 11% 6% 7%
PORTUGAL
8% 11% 6% 7%
LEGEND
31% 33% 38% 33%
61% 56% 56% 60% Big Ticket (EUR ≥ 250m)
8.663,03
6.244,356.244,35
LEGEND
2.236,12
2.110,20
2.019,19
154,57
126,68
125,16
160,69
2.236,12
2.110,20
2.019,19
154,57
126,68
125,16
160,69
(EUR ≥ 250m) (≥ EUR 15m) (< EUR 15m) Non-disclosed value Total
Private Equity
Number of Deals
168
168
2017 45
2017 45
29
29
148
NºNºdedetransações
2016 148
36
2016 36
38
PORTUGAL
38
92
92
2015 49
2015 49
37
37
113
113
2014 41
2014
35 41
35
3.183,92
3.183,92
2017 5.815,98
2017 5.815,98
92,46
92,46
4.695,74
2016 4.695,74
3.690,30
2016
EURm)
3.690,30
95,19
EURm)
95,19
total
3.377,30
total
2015 3.377,30
1.807,76
Valor
2015 1.807,76
Valor
40,42
40,42
8.161,24
2014 8.161,24
2.664,86
2014 2.664,86
16,81
16,81
Value
Target Subsector Buyer Seller (EURm)
EDP Gás
1 Oil and Gas Private Shareholders EDP - Energias de Portugal 500,00
Distribuição
EDP - Energias
2 EDP Renováveis Electric Energy Private Shareholders 296,00
de Portugal
Montepio Geral
4 Montepio Financial and Insurance Associação Private Shareholders 106,00
Mutualista
7 Eol Verde Wind Energy New Finerge DST Wind 27,00
Empreendimentos
Ventominho -
8 Electric Energy; Wind Energy Eólicos do Vale DST Wind 26,80
Energias Renováveis
Mergers & Acquisitions
do Minho
Barraqueiro
10 Lisboat Transport, Aviation and Logistics Private Shareholders 10,00
Transportes
Value
Target Subsector Buyer Seller (EURm)
EDP Renewables
3 ENEOP Wind Energy ACE Portugal 248,00
Europe
Locaviseu -
5 Sociedade de Real Estate Resilient, Greenbay RPPSE Holding 219,25
Gestão de Imóveis
PORTUGAL
1 RRP Advogados
2 GBP Legal
Value
Target Subsector Buyer Seller (EURm)
Private
1 Intertur Hotels Tourism, Hotels and Restaurants KKR, Dunas Capital 100,00
Shareholders
Internet; Marketing
4 Ometria Sonae IM - 5,06
and Advertising
2 5 PLMJ
23 23
22 22
21 8k
7k
17
18 Total No. Total value
15 15 6k
13 13
Year of deals (EURm)
5k
12
10 10 4k
8 2017 86 2.381,68
3k
3
2k 2016 67 3.562,08
1k
0k 2015 50 1.140,45
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Aggregate
6% value
51% and
11% volume of deals by market segment
6%
39% 44% 19% 25%
Percentage of Deals
50% 56%
6% 11%
37%
51%
44% 6%
LEGEND
PORTUGAL
Smaller Market (< EUR 15m)
Aggregate deal value and volume by market
50% segment
56%
37%
55%
2017 2016 2015 2014
LEGEND
2.550,00
937,96
542,83
8.203,20
42,13
74,12
46,85
13,63
799,40
702,70
937,96
294,20
542,83
74,12
46,85
13,63
(EUR ≥ 250m) (≥ EUR 15m) (< EUR 15m) Non-disclosed value Total
25
ES
US
667,75
20
Mergers & Acquisitions
PORTUGAL
DE
15 NL
4,30
SE
181,70
US CN
10 12,61
GB
CH DE
30,00
FR 101,51
338,00
ND
5 CN
LU
LU
NL
135,00
Subsectors ES US GB CH DE FR LU NL SE Other
Technology - 7 2 2 3 - 1 2 1 2
Real Estate 3 - 1 - - 1 1 - - 3
Consultancy, Audit 1 1 2 1 - - - - - -
and Engineering
Electric Energy 1 - 2 - - - - - - 2
Ports 2 - - 1 - 1 - - - 1
PORTUGAL
Distribution and Retail 2 - - 1 1 - - - - -
Total Value
Total No. of deals (EURm)
Spain 9 1.019,58
Luxembourg 5 ND
Portugal 4 50,00
Netherlands 3 105,89
Malta 2 50,00
Cyprus 1 7,50
Germany 1 ND
France 1 ND
Mergers & Acquisitions
Australia 1 ND
Italy 1 ND
PORTUGAL
Belgium 1 ND
Electric Energy 4
Real Estate 3
Wind Energy
3
Chemical and Chemical Materials 3
LEGEND DIVESTITURES
ACQUISITIONS
1.689,12
2.381,68
PORTUGAL
4
2
1k
5 4 6
0,8k
2 6 4
5 6
0,6k
2 1
0,4k
3 1 7
5 0,2k
0k
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 18 151,01
2016 15 1.032,53
2015 18 136,41
2014 17 259,37
Total Value
No. of acquisitions (EURm)
Spain 7 101,65
France 3 32,00
Germany 2 ND
Switzerland 1 ND
Mozambique 1 ND
Netherlands 1 ND
Mergers & Acquisitions
PORTUGAL
Technology 5
Food Industry 2
Industry
1 Grupo Sonae 6
2 Capwatt 4
4 New Finerge 2
5 HNB 2
2 Mota-Engil 3
3 Tecnovia 2
4 DST Wind 2
5 Tecneira 2
Mergers & Acquisitions
PORTUGAL
2 Cerutil 175,00
3 Mota-Engil 113,00
4 ProCME 104,00
5 Tecnovia 87,00
22 5k
Total No. Total Value
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Total Value (EURm) * T ransactions can be accounted for as investments and exits at the same
time, due to in some cases it may be a secondary buyout transaction.
sem Secundary Buyout
VALOR TOTAL (R$m)
Exits
VALOR TOTAL (R$m)
Number of Deals
41
39
Nº DE NEGÓCIOS
LEGEND
31
28 41 Investments
39
Nº DE NEGÓCIOS
Exits
31
28
14
8 8
14 2
8 8
2
2017 2016 2015 2014
Value
Target Subsector Buyer Seller (EURm)
3 About Sports and Leisure Solinca - Health And Fitness Private Shareholders 8,60
Lusobrisa - Produção
5 Electric Energy Capwatt Tecneira 5,40
de Energia Eléctrica
Exporsado - Comércio Agriculture, Millennium Fundo
6 e Indústria de Agribusiness, Farming Private Shareholders 3,00
de Capitalização
Produtos do Mar and Fishing
Private Equity
PORTUGAL
Financial Advisors Legal Advisors
Due Diligence
6 Serra Lopes, Cortes Martins Advogados
2 Deloitte Portugal
Energía y renovables
Industria Infraestructuras
Inmobiliario
RRyNaturales
Construcción
Most active subsectors for Private Equity
Energía y renovables
Industria Infraestructuras
Inmobiliario
RRyNaturales
Construcción
SS y Distribución
Infraestructuras
Inmobiliario RRyNaturales
Construcción
SS y Distribución
Subsetores com maiorIndustria
número e valorConstruction
de transações envolvendo Venture Capital
Energy and Industry Infrastructure Real State and Natural Services and Technology Military -
Renewable Resources Distribution Tecnología
and Telecoms yDefense
State Telecomunicaciones
Energies
OtherMaterials
Chemical and Chemical Vehicles 2
Steel, Metallurgy and
PORTUGAL
Industrial Production 2
Distribution and Retail 2
Tecnología y Telecomunicaciones
Chemical and Chemical Materials
Financial and Insurance
2
2
Distribution and Retail 2
Food Industry 2
Financial and Insurance 2
Food Industry 2
TOTAL VALUE
Value
Target Subsector Buyer Seller (EURm)
EDP Renewables
1 ENEOP Wind Energy ACE Portugal 248,00
Europe
MEFIC Capital,
2 Ritmos Cativantes Real Estate Ritmos Partners 7,50
Round Hill Capital
Grupo Taper - Equipamentos de Distribution and Retail;
Precisão Científica, Taper Servicio
3 Healthcare, Hygiene, Medical Palex Medical Grupo Taper 4,27
Técnico, Cymit Química, Biocitek Aesthetics and Cosmetics; Internet
- Equipamientos de Diagnóstico
Private Equity
3 Cuatrecasas Portugal
PORTUGAL
3 PwC Tax & Legal Spain
Number of Investments
Spain 2 1 - 2
United States 1 1 2 1
Luxembourg 1 5 4 -
United Kingdom 1 2 1 -
France 1 1 2 -
Private Equity
PORTUGAL
Germany 1 - 1 -
China 1 - - 1
Saudi Arabia 1 - - -
LU 248,00 LU 773,18
GB 7,50 GB 470,00
SA 7,50
2017 2016
ES 4,27
LU 13,00 US 50,00
FR 218,00 CN 1635,20
US 200,00
2015 2014
Number of Investments
2017
Spain 2
Germany 2
Canada 1
Netherlands 1
Switzerland 1
Private Equity
United States 1
PORTUGAL
Italy 1
CA 450,00
NL 135,00
ES 120,00
2017
DE 97,21
Infraestructuras
Subsectors that attracted most foreign Private Equity
Inmobiliario y Construcción
Number of Deals
Energía y renovables
RR Naturales
Transport, Aviation 1 1 - -
Inmobiliario
and Logisticsy Construcción
RR Naturales
SS y Distribución
Industria
PORTUGAL
Infraestructuras
Real Estate 1 2 3 -
RR Naturales
SS y Distribución
Tecnología y Telecomunicaciones
259,77
TOTAL
NUMBER OF
INVESTMENTS
Private Equity
28
PORTUGAL
21 1.056,00
14 11
13
80,00
12
70,00
Evolução trimestral desde 2014
11 11
10
60,00
9
8 8 50,00
7
6 6 6 40,00
4
30,00
3
20,00
10,00
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Total value
Year Total No. of deals (EURm)
2017 29 92,46
2016 38 95,19
2015 37 40,42
2014 35 16,81
Value
Target Subsector Buyer Seller (EURm)
Coimbra
1 Biotechnology Green Innovations - 2,40
Genomics
Marketing and
2 Primetag Pathena - 1,30
Advertising; Internet
4 Wine With Spirit Distribution and Retail Seedrs Equity Crowdfunding - 0,47
Internet; Transport,
5 MUB Cargo BrainCapital - 0,30
Aviation and Logistics
Venture Capital
PORTUGAL
Legal Advisors
2 SRS Advogados
3 PLMJ
Energía y renovables
Industria Infraestructuras
Inmobiliario
RRyNaturales
Construcción
Most active subsectors for Venture Capital
Energía y renovables
Industria Infraestructuras
Inmobiliario
RRyNaturales
Construcción
SS y Distribución
Energy and
Renewable Industry Infraestructuras
Infrastructure Inmobiliario
Real State yNaturales
Construcción
RRNatural SS y Distribución
Services and Tecnología
Technology y Telecomunicaciones
Military and
Energies Industria and Construction Resources and Telecoms
Distribution State Defense
Subsetorescom
Subsetores commaior
maiornúmero
númeroeevalor
valorde
detransações
transaçõesenvolvendo
envolvendoVenture
VentureCapital
Capital
Inmobiliario
RR
NUMBERDEALS
NUMBER yNaturales
Construcción
DEALS SS y Distribución
Tecnología y Telecomunicaciones
Infraestructuras
Number of deals
Technology
Technology
RR Naturales
SS y Distribución 1717
Tecnología y Telecomunicaciones
Inmobiliario y Construcción6 6
Internet
Internet
Healthcare,
Healthcare, Hygiene,
Hygiene, Medical
Medical
Aesthetics
Aesthetics andand Cosmetics
Cosmetics 33
Marketing
Marketing and
and Advertising
Advertising
SS2y2 Distribución
Tecnología y Telecomunicaciones
Security
Security
Ammunition
Ammunition
and
and Private
andand RR Naturales
Private Arms,
Arms,
11
Explosives
Explosives
Glass,
Glass, Ceramic,
Ceramic, Paper,
Paper, 11
Plastics,
Plastics, Wood
Wood andand Timber
Timber
Tourism,
Tourism, Hotels
Hotels and
and Restaurants
Restaurants 11
Tecnología y Telecomunicaciones
Distribution
Distribution and SS y Distribución
and Retail
Retail 11
Pharmaceutical,
Pharmaceutical, Parapharmaceutical
Parapharmaceutical
aand Cosmetics
aand Cosmetics 11
Venture Capital
Electric
Electric Energy
Energy 11
Telecoms
PORTUGAL
1 1y Telecomunicaciones
Tecnología
Telecoms
Electronics
Electronics 11
Financial
Financial and
and Insurance
Insurance 11
Transport,
Transport, Aviation
Aviation and
and Logistics
Logistics 11
TOTALVALUE
TOTAL VALUE Energíay yrenovables
Energía renovables
Total value (EURm)
Technology
Technology 82,43
82,43
Financial
Financial and
and Insurance
Insurance 20,00
Industria
Industria
20,00
Internet
Internet 6,97
6,97
Marketing
Marketing and
and Advertising
Advertising 6,36
6,36
Biotechnology
Infraestructuras
Infraestructuras
Biotechnology 2,40
2,40
Security
Security and
and Private
Private Arms,
Arms,
Ammunition and Explosives 1,50
1,50
Ammunition and Explosives
Healthcare,
Healthcare, Hygiene,
Hygiene, Medical
Medical 0,92
0,92
Aesthetics
Aesthetics and
and Cosmetics
Cosmetics
Inmobiliarioy yConstrucción
Inmobiliario Construcción
Distribution
Distribution and
and Retail
Retail 0,47
0,47
Transport,
Transport, Aviation
Aviation and
and 0,30
Logistics 0,30
Logistics
Glass,
Glass, Ceramic,
Ceramic, Paper,
Paper,
Plastics, Wood and Timber 0,150,15
Plastics, Wood and Timber
RRNaturales
RR Naturales
Tourism,
Tourism, Hotels
Hotels and
and Restaurants 0,10
Restaurants 0,10
Electric
Electric 0,05
Energy 0,05
Energy
SSSSy yDistribución
Distribución
Value
Target Subsector Buyer Seller (EURm)
3 Codacy Technology EQT, CGD Caixa Capital, SeedCamp, Join Capital - 4,30
Internet;
4 Attentive Techstars - 0,11
Technology
Venture Capital
PORTUGAL
Number of Investments
United States 4 6 1 1
Germany 2 - - 1
United Kingdom 2 2 1 -
Hong Kong 1 - - -
Venture Capital
PORTUGAL
Sweden 1 - - -
Switzerland 1 - - -
France - 2 - -
China - 1 - -
US 62,7 US 74,03
HG 20 UK 4,94
CH 20 CN 3,5
UK 4,31 FR 19,39
2017 2016
DE 4,3 NL 0,15
SE 4,3 SG 3,5
UK 22 US 3,96
2015 2014
Venture Capital
PORTUGAL
Infraestructuras
Inmobiliario
Financial andy Construcción 1 - - -
Insurance
RR Naturales
SS y Distribución
Internet 1 2 2 3
Venture Capital
Electronics 1 1 - -
PORTUGAL
Industria
Infraestructuras
Inmobiliario y Construcción
RR Naturales
SS y Distribución
Tecnología y Telecomunicaciones
9,52
TOTAL
NUMBER OF
Venture Capital
INVESTMENTS
21
PORTUGAL
14
67,01
Industry
·· Aerospace ·· Industrial Production, Industrial
·· Automotive and Machinery, Parts and Metals
Recreational Vehicles ·· Pharmaceutical,
·· Chemical and Chemical Materials Parapharmaceutical
and Cosmetics
·· Fashion and Textile
··
Sectors and Subsectors
Infrastructure
·· Airports ·· Railroads
·· Bridges ·· Roads and Highways
·· Car Parks ·· Ports
·· Hospitals ·· Schools
·· Prisons ·· Social Housing
PORTUGAL
·· Transports, Aviation and Logistics
·· Healthcare, Hygiene, Medical ·· Waste Management,
Aesthetics and Cosmetics Pollution and Recycling
·· Inspection and Certification ·· Water and Sanitation
Main sectors
Number of Deals
NUMBER DEALS
Technology 38
Electric Energy 14
Real Estate 13
Consultancy, Audit
and Engineering 13
Food Industry 10
Internet 9
Wind Energy 7
Construction (Materials 5
and Machinery)
TOTAL VALUE
PORTUGAL
Plastics, Wood and Timber 562,06
Electronics 45,00
Internet 11,74
Electric Energy 14
Wind Energy 7
Solar Energy 1
Nuclear Energy 0
Biomass 0
Biofuel 0
Sectors and Subsectors
Geothermal Energy 0
Hydraulic Energy 0
PORTUGAL
Private Equity
6
COMPLETED
Smaller Market 5
(<EUR 15m) Venture Capital CANCELLED
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
14
Electric
Big Ticket Portuguese
(≥EUR 250m) acquisitions
abroad 14
Distressed
PORTUGAL
Smaller Market
1 Gás Gpl - Comércio De Gás 4 REN, Gás EDP Iberia 532,40
(<EUR 15m) Venture Capital CANCELLED
De Petróleo Liquefeito
3
2 EDP Renováveis 2
EDP - Energias de Portugal Private Shareholders 296,00
1 Foreign
3 EDPR
Mid PT - Parques Eólicos
Market ACE Investment Fund II EDP - Energias de 0
Portugal 242,00
0 acquisitions
(≥EUR 15m)
in Portugal
abroad 5
Distressed
Electric
Big Ticket Portuguese
(≥EUR 250m) acquisitions
abroad 14
Distressed
Wind Energy
Private Equity
5
COMPLETED
Smaller Market
4
(<EUR 15m) Venture Capital CANCELLED
3
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 7
Big Ticket
(≥EUR 250m) acquisitions
abroad 7
Wind
Distressed
Sectors and Subsectors
Private Equity
COMPLETED
Largest transactions 3
Smaller Market
(<EUR 15m)
Target Buyer Venture Capital Seller CANCELLED Value (EURm)
PORTUGAL
2
Empreendimentos Eólicos
1 Ventominho - Energias Renováveis DST Wind 26,80
do Vale do Minho
1 Foreign
2 Moray
Mid Offshore Renewables
Market Engie EDPR UK 0 23,74
0 acquisitions
(≥EUR 15m)
in Portugal
3 DST Wind New Finerge Parque Eólico do Alto da Vaca 0,50
TOTAL
Portuguese 5
Big Ticket
(≥EUR 250m) acquisitions
abroad 5 Oil/Gas
Legal Advisors
1 3 Vieira de Almeida Distressed
1 3
Morais Leitão, Galvão Teles, Soares da Silva &
Associados
TOTAL
Portuguese 7
Big Ticket
(≥EUR 250m) acquisitions
abroad 7
Oil and Gas
Wind
Distressed
Private Equity
3
COMPLETED
Smaller Market
(<EUR 15m) Venture Capital CANCELLED
2
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 5
Big Ticket
(≥EUR 250m) acquisitions
Oil/Gas
abroad 5
Distressed
PORTUGAL
Naturgas Energía
1 Nature Investments EDP - Energias de Portugal 2.591,00
Distribución
Real Estate 13
Construction (Materials
5
and Machinery)
Sectors and Subsectors
PORTUGAL
Private Equity
8
COMPLETED
Smaller Market 7
RealState
TOTAL
Portuguese 13
Big Ticket
(≥EUR 250m) acquisitions
abroad 13
Distressed
PORTUGAL
Smaller Market
1 Locaviseu - Sociedade de Gestão3 de Imóveis
(<EUR 15m) Resilient,
Venture Greenbay
Capital RPPSE Holding
CANCELLED 219,25
2
2 3Shoppings Ocidental Seguros Fundo Sierra 90,00
1 Foreign
3 MidPraça do Marquês
Market Merlin Properties Novo Banco 0 60,30
0 acquisitions
(≥EUR 15m)
in Portugal
Construction
TOTAL
Portuguese 5
Big Ticket
Legal Advisors
(≥EUR 250m) acquisitions
Due Diligence
abroad 5
1 Abreu Advogados 1 ING Bank
1 PLMJ Distressed
Morais Leitão, Galvão Teles, Soares da Silva &
2
Associados
2 Linklaters Portugal
3 Garrigues Portugal
Distressed
Construction (Materials and Machinery)
Private Equity
4
COMPLETED
Smaller Market
(<EUR 15m) 3 Venture Capital CANCELLED
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Construction
TOTAL
Portuguese 5
Big Ticket
(≥EUR 250m) acquisitions
abroad 5
Distressed
Sectors and Subsectors
Largest transactions
Food Industry 10
Glass, Ceramic,
Paper, Plastics, 10
Wood and Timber
Chemical and 6
Chemical Materials
Automotive and 4
Recreational Vehicles
Pharmaceutical,
Parapharmaceutical 3
and Cosmetics
Tobacco 2
PORTUGAL
Fashion and Textile 1
Aerospace and 0
Aeronautical
Shipbuilding 0
Private Equity
2
COMPLETED
Smaller Market
(<EUR 15m) 1,5 Venture Capital CANCELLED
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
Food Industry
in Portugal
TOTAL
Portuguese 10
Big Ticket
(≥EUR 250m) acquisitions
abroad 10
Distressed
Largest transactions
Sectors and Subsectors
Smaller Market
4
(<EUR 15m) Venture Capital CANCELLED
CGD Caixa Capital, Millennium BCP,
2 Acuinova Actividades Piscícolas 3 Ondas e Versos -
Novo Banco
2
Glass/Ceramic
Financial Advisors Legal Advisors TOTAL
Portuguese 10
1 KPMG Portugal
Big Ticket 1 Garrigues Portugal
(≥EUR 250m) acquisitions
abroad 1
Cuatrecasas Portugal10
2 PLMJ
Distressed
Private Equity
6
COMPLETED
Smaller Market 5
(<EUR 15m) Venture Capital CANCELLED
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Steel / Metal
TOTAL
Portuguese 9
Big Ticket
(≥EUR 250m) acquisitions
abroad 9
Distressed
Private Equity
4
COMPLETED
Smaller Market
Food Indus
TOTAL
Portuguese 10
Big Ticket
(≥EUR 250m) acquisitions
abroad 10
Distressed
Glass, Ceramic, Paper, Plastics, Wood and Timber
Private Equity
5
COMPLETED
Smaller Market
4
(<EUR 15m) Venture Capital CANCELLED
3
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Glass/Ceramic
TOTAL
Portuguese 10
Big Ticket
(≥EUR 250m) acquisitions
abroad 10
Distressed
Largest transactions
PORTUGAL
3
2
2 Vista Alegre Visabeira Indústria Cerutil 175,00
1 Foreign
Mid Market 0
0 acquisitions
3 (≥EUR 15m)
Probos Plásticos Surteco in PortugalAlantra Partners 97,21
Steel / Metal
TOTAL
Portuguese 9
Big Ticket
Financial Advisors
(≥EUR 250m) Legal Advisors
acquisitions
abroad 9
1 Millennium BCP 1 GBP Legal
3 BBVA Corporate Finance Distressed
1 Freshfields Bruckhaus Deringer Spain
3 Cuatrecasas Spain
3 Cuatrecasas Portugal
3 Demarest Advogados
Private Equity 3 Garrigues Spain
4
COMPLETED
3 Garrigues Portugal
Smaller Market
3
Venture Capital Garrigues Brasil
(<EUR 15m) 3 CANCELLED
3 Garrigues México
2
3 NBF | Advogados
3 Franz Legal
1 Foreign
Mid Market 3 Rödl & Partner UK 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Private Equity/Venture Capital with investments Country Number of investments
Portuguese 6
Chemical
Big Ticket
Atena Equity(≥EUR
Partners
250m) acquisitions Portugal 1
abroad 6
Fundo Revitalizar Centro Portugal 1
Oxy Capital Portugal 2
Distressed
Smaller Market
(<EUR 15m) 1,5 Venture Capital CANCELLED
0 acquisitions
(≥EUR 15m)
in Portugal
Glass/Ceramic
TOTAL
Portuguese 10
Big Ticket
(≥EUR 250m) acquisitions
abroad 10
Steel, Metallurgy and Industrial Production
Distressed
Private Equity
6
COMPLETED
Smaller Market 5
(<EUR 15m) Venture Capital CANCELLED
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Steel / Metal
TOTAL
Portuguese 9
Big Ticket
(≥EUR 250m) acquisitions
abroad 9
Distressed
Sectors and Subsectors
Private Equity
COMPLETED
Largest transactions 4
Smaller Market
(<EUR 15m) 3 Venture Capital CANCELLED
Target Buyer Seller Value (EURm)
PORTUGAL
2
1 ADIRA SC Industrials Guimadira 9,00
1 Foreign
Mid Market- Comércio e Serviços 0
2 Galmax 0 Private Shareholders
acquisitions Private Shareholders 2,40
(≥EUR 15m)
in Portugal
Chemical
Big Ticket
(≥EUR 250m) acquisitions
abroad 6
Private Equity
2
COMPLETED
Smaller Market
(<EUR 15m) 1,5 Venture Capital CANCELLED
Private Equity/Venture Capital with investments Country Number of investments
1
Oxy Capital Portugal 2
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Automotive
TOTAL
Portuguese 4
Big Ticket
(≥EUR 250m) acquisitions
abroad 4
Distressed
Smaller Market
(<EUR 15m) 1,5 Venture Capital CANCELLED
0 acquisitions
(≥EUR 15m)
in Portugal
Steel / Metal
TOTAL
Portuguese 9
Big Ticket
(≥EUR 250m) acquisitions
abroad 9
Chemical and Chemical Materials
Distressed
Private Equity
4
COMPLETED
Smaller Market
(<EUR 15m) 3 Venture Capital CANCELLED
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 6
Chemical
Big Ticket
(≥EUR 250m) acquisitions
abroad 6
Distressed
Smaller Market
Target Buyer Seller Value (EURm)
(<EUR 15m) 1,5 Venture Capital CANCELLED
PORTUGAL
CGD Caixa Geral de
1 Artlant PTA Indorama 28,00
1 Depósitos
Automotive
TOTAL
Portuguese 4
Big Ticket
(≥EUR 250m) acquisitions
abroad 4
Financial Advisors Legal Advisors
Caixa BI Distressed Morais Leitão, Galvão Teles, Soares da Silva &
1
1
Associados
1 Linklaters Portugal
Private Equity
2
COMPLETED
Smaller Market
(<EUR 15m) 1,5 Venture Capital CANCELLED
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
Pharmaceutical
in Portugal
TOTAL
Portuguese 3
Big Ticket
(≥EUR 250m) acquisitions
abroad 3
Distressed
TOTAL
Portuguese 6
Chemical
Big Ticket
(≥EUR 250m) acquisitions
abroad 6
Private Equity
2
COMPLETED
Smaller Market
(<EUR 15m) 1,5 Venture Capital CANCELLED
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Automotive
TOTAL
Portuguese 4
Big Ticket
(≥EUR 250m) acquisitions
abroad 4
Distressed
Sectors and Subsectors
Private Equity
COMPLETED
Largest transactions 2
Smaller Market
(<EUR 15m)
Target 1,5 Buyer Venture Capital Seller CANCELLED Value (EURm)
PORTUGAL
Pharmaceutical
in Portugal
3 Lear Corporation Portugal Lear Corporation Valença -
TOTAL
Portuguese 3
Big Ticket
(≥EUR 250m) acquisitions
abroad 3
Automotive
TOTAL
Portuguese 4
Big Ticket
(≥EUR 250m) acquisitions
abroad 4
Pharmaceutical, Parapharmaceutical and Cosmetics
Distressed
Private Equity
2
COMPLETED
Smaller Market
(<EUR 15m) 1,5 Venture Capital CANCELLED
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
Pharmaceutical
in Portugal
TOTAL
Portuguese 3
Big Ticket
(≥EUR 250m) acquisitions
abroad 3
Distressed
PORTUGAL
Magnum Capital, Private
1 Generis - Farmacêutica Agile Pharma 135,00
Shareholders
Mining 2
Agriculture,
Agribusiness, Farming 1
and Fishing
Forestry 0
Sectors and Subsectors
PORTUGAL
Private Equity
2
COMPLETED
Smaller Market
(<EUR 15m) 1,5 Venture Capital CANCELLED
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 2
Mining
Big Ticket
(≥EUR 250m) acquisitions
abroad 2
Distressed
PORTUGAL
1 Medgold Portugal Novo Lítio Private Shareholders 0,16
Legal Advisors
1 DLA Piper ABBC
Transport, Aviation
and Logistics 15
Tourism, Hotels
and Restaurants 14
Consultancy, Audit
and Engineering 13
Other Services 5
Marketing and
3
Sectors and Subsectors
Advertising
Media, Multimedia
and Editorial 3
PORTUGAL
Cars, Motorcycles
and Other Vehicles 3
Waste Management,
Pollution and Recycling 2
Education 1
Event Production
and Management 1
Funeral Services 1
Luxury Goods 0
and Services
Courier 0
Inspection and 0
Certification
Private Equity
12
COMPLETED
Smaller Market 10
(<EUR 15m) Venture Capital CANCELLED
8
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Healthcare
TOTAL
Portuguese 24
Big Ticket
(≥EUR 250m) acquisitions
abroad 24
Distressed
PORTUGAL
4
1 Generis - Farmacêutica Agile Pharma 135,00
3 Private Shareholders
2
2 Same Day Solutions Straumann Private Shareholders 10,00
1 Foreign
Mid Market 0
Grupo Taper - Equipamentos de0Precisão acquisitions
(≥EUR 15m)
Científica, Taper Servicio Técnico, Cymit in Portugal
3 Palex Medical Grupo Taper 4,27
Química, Biocitek - Equipamientos de
Distribution
Diagnóstico
TOTAL
Portuguese 17
Big Ticket
(≥EUR 250m) acquisitions
abroad 17
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Private Equity/Venture Capital with investments Country Number of investments
TOTAL
Capital Criativo Portugal 3
Portuguese 17
Fosun Group Big Ticket
Financial
China 1
(≥EUR 250m) acquisitions
Portugal Ventures abroad Portugal 17 2
SUN Group India 1
Distressed
Private Equity
10
COMPLETED
Smaller Market
8
(<EUR 15m) Venture Capital CANCELLED
(≥EUR 15m)
in Portugal
Healthcare
TOTAL
Portuguese 24
Big Ticket
(≥EUR 250m) acquisitions
abroad 24
Private Equity
6
COMPLETED
Smaller Market 5
(<EUR 15m) Venture Capital CANCELLED
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Distribution
TOTAL
Portuguese 17
Big Ticket
(≥EUR 250m) acquisitions
abroad 17
Distressed
Sectors and Subsectors
Target
Smaller Market 5 Buyer Seller Value (EURm)
(<EUR 15m) Venture Capital CANCELLED
4
PORTUGAL
TOTAL
Portuguese 17
Big Ticket
Financial
(≥EUR 250m) acquisitions
Financial Advisors Legal Advisors 17
abroad
1 Auriga Morais Leitão, Galvão Teles, Soares da Silva &
1
Distressed Associados
1 Legance
1 Fieldfisher
1 PLMJ
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Transport
Portuguese 15
Big Ticket
(≥EUR 250m) acquisitions
abroad 15
Distressed
Private Equity
190 4
TTR - TransactionalCOMPLETED
Track Record (www.TTRecord.com)
Smaller Market
(<EUR 15m) 3 Venture Capital CANCELLED
2
0 acquisitions
(≥EUR 15m)
in Portugal
Distribution
TOTAL
Portuguese 17
Big Ticket
(≥EUR 250m) acquisitions
abroad 17
Financial and Insurance
Distressed
Private Equity
6
COMPLETED
Smaller Market 5
(<EUR 15m) Venture Capital CANCELLED
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 17
Big Ticket
Financial
(≥EUR 250m) acquisitions
abroad 17
Distressed
PORTUGAL
1 Novo Banco Nani Holdings 6 - 1.000,00
4
2 Montepio Montepio Geral Associação Mutualista Private Shareholders 106,00
2 Foreign
Mid Market 0
0 acquisitions
3 3Shoppings
(≥EUR 15m) Ocidental Seguros Fundo Sierra
in Portugal
90,00
TOTAL
Transport
Portuguese 15
Big Ticket
Financial Advisors
(≥EUR 250m) acquisitions
Legal Advisors
abroad 15
1 Deutsche Bank 1 Allen & Overy UK
1 TC capital Distressed 1 Vieira de Almeida
1 Weil, Gotshal & Manges US
TOTAL
Portuguese 14
Tourism
Big Ticket
Private Equity/Venture Capital with investments Country
acquisitions Number of investments
(≥EUR 250m)
abroad 14
ACE & Co Switzerland 1
Nova Founders Distressed
Hong Kong 1
Pacific Century Venture United States 1
Private Equity
6
COMPLETED
SmallerTrack
TTR - Transactional Market
Record (www.TTRecord.com)
5 191
(<EUR 15m) Venture Capital CANCELLED
4
2
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 17
Big Ticket
Financial
(≥EUR 250m) acquisitions
abroad 17
Transport, AviationDistressed
and Logistics
Private Equity
10
COMPLETED
Smaller Market
8
(<EUR 15m) Venture Capital CANCELLED
6
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Transport
Portuguese 15
Big Ticket
(≥EUR 250m) acquisitions
abroad 15
Distressed
Private Equity
4
COMPLETED
Sectors and Subsectors
Smaller Market
Largest transactions
(<EUR 15m) 3 Venture Capital CANCELLED
Tourism
Big Ticket
(≥EUR 250m) acquisitions
abroad 14
Distressed
Financial Advisors Legal Advisors
1 Haitong Bank Portugal 2 Cuatrecasas Portugal
Private Equity
6
COMPLETED
Smaller Market 5
(<EUR 15m) Venture Capital CANCELLED
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Consultancy
TOTAL
Portuguese 13
Big Ticket
(≥EUR 250m) Capital with investments acquisitions
Private Equity/Venture Country Number of investments
abroad 13
BrainCapital Portugal 1
Distressed
Private Equity
7
COMPLETED
Smaller Market
(<EUR 15m) 5 Venture Capital CANCELLED
192 TTR - Transactional Track Record (www.TTRecord.com)
3
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Transport
Portuguese 15
Big Ticket
Tourism, Hotels and Restaurants
(≥EUR 250m) acquisitions
abroad 15
Private Equity
4
COMPLETED
Smaller Market
(<EUR 15m) 3 Venture Capital CANCELLED
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 14
Tourism
Big Ticket
(≥EUR 250m) acquisitions
abroad 14
Distressed
Private Equity
6
COMPLETED
PORTUGAL
2
1 Intertur Hotels KKR, Dunas Capital Private Shareholders 100,00
1 Foreign
Mid Market 0
0 acquisitions
LNMK - Fundo de Capital
2 (≥EUR 15m)
Royal Óbidos
de Risco in Portugal Millennium BCP 31,20
Consultancy
D1 - Atividades Hoteleiras e Mobiser, Ordep - Serviços,
3 OCM-ECP Management TOTAL 3,69
Turísticas Gestão e Investimentos
Portuguese 13
Big Ticket
(≥EUR 250m) acquisitions
abroad 13
TOTAL
Portuguese 9
Big Ticket
Private Equity/Venture
(≥EUR 250m) Capital with investments Country
acquisitions Number of investments
Sports
abroad 9
KKR United States 1
MIRA Distressed Mexico 1
Portugal Ventures Portugal 1
TOTAL
Portuguese 14
Tourism
Big Ticket
Consultancy, Audit and Engineering
(≥EUR 250m) acquisitions
abroad 14
Distressed
Total number of transactions
Private Equity
6
COMPLETED
Smaller Market 5
(<EUR 15m) Venture Capital CANCELLED
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Consultancy
TOTAL
Portuguese 13
Big Ticket
(≥EUR 250m) acquisitions
abroad 13
Distressed
Private Equity
COMPLETED
Sectors and Subsectors
Smaller Market
Largest transactions
(<EUR 15m) 5 Venture Capital CANCELLED
TOTAL
3 Jason Associates Mercer Private Shareholders
9
-
Big Ticket Portuguese
acquisitions
Sports
(≥EUR 250m)
abroad 9
Distressed
Financial Advisors Legal Advisors
3 Deloitte Global Services Morais Leitão, Galvão Teles, Soares da Silva &
3
Associados
Hcapital Portugal 1
Consultancy
TOTAL
Portuguese 13
Big Ticket
Sports and Leisure
(≥EUR 250m) acquisitions
abroad 13
Distressed
Total number of transactions
Private Equity
7
COMPLETED
Smaller Market
(<EUR 15m) 5 Venture Capital CANCELLED
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 9
Big Ticket
acquisitions
Sports
(≥EUR 250m)
abroad 9
Distressed
PORTUGAL
1 Royal Óbidos LNMK - Fundo de Capital de Risco Millennium BCP 31,20
BrainCapital Portugal 1
CGD Caixa Capital Portugal 1
Pathena Portugal 1
Portugal Ventures Portugal 1
Techstars United States 1
38
Technology
Internet 9
Electronics 3
Telecoms 2
Biotechnology 0
Sectors and Subsectors
PORTUGAL
Private Equity
20
COMPLETED
Smaller Market
(<EUR 15m) 15 Venture Capital CANCELLED
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Technology
TOTAL
Portuguese 38
Big Ticket
(≥EUR 250m) acquisitions
abroad 38
Distressed
PORTUGAL
1 Smaller Market
FeedZai Sapphire Ventures, Private Shareholders - 42,59
(<EUR 15m) 6 Venture Capital CANCELLED
Pacific Century Venture, Nova Founders, ACE & Co,
2 ComparaJá - 20,00
Private
4 Shareholders
TOTAL
Financial Advisors Legal Advisors 9
Big Ticket Portuguese
FT Partners acquisitions Garrigues Portugal
1
Internet
(≥EUR 250m) 1
abroad 9
1 PLMJ
Distressed
1 Uría Menéndez - Proença de Carvalho
United United
500Startups 1 Pacific Century Venture 1
States States
ACE & Co Switzerland 1 Pathena Portugal 2
Atena Equity Partners Portugal 1 Portugal Ventures Portugal 3
CGD Caixa Capital Portugal 2
United
EQT Sweden 1 Sapphire Ventures 1
States
Go4it Brazil 1 United
SeedCamp 1
JME Venture Capital Spain 1 Kingdom
Join Capital Germany 1 Swanlaab Venture Factory Spain 1
N Capital Spain 1
United
Nova Founders Hong Kong 1 Techstars 2
States
Distressed
Internet
Private Equity
8
COMPLETED
Smaller Market
(<EUR 15m) 6 Venture Capital CANCELLED
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 9
Big Ticket
acquisitions
Internet
(≥EUR 250m)
abroad 9
Distressed
Sectors and Subsectors
Largest transactions
BrainCapital Portugal 1
CGD Caixa Capital Portugal 1
Pathena Portugal 1
Portugal Ventures Portugal 1
Techstars United States 1
Banco Santander
TTR Deal of the quarter
BBVA
C Caixa BI
H Haitong Securities
M Millennium BCP
*Deals announced in 2017. Status Completed. Does not include asset acquisitions nor Joint Ventures.
Does not include due diligence nor any other type of specialized advice.
1 EDP Renewables
ENEOP Portugal Wind Energy ACE Portugal 248,00
Europe
2 Banif Banco
REP Brazil Real Estate Banco BTG Pactual - -
Internacional do Funchal
Financial Advisors
PORTUGAL
Banco Santander
Country Value
Target Target Subsector Buyer Seller (EURm) Awards
BBVA
Country Value
Target Target Subsector Buyer Seller (EURm) Awards
1 Fitness Hut Portugal Sports and Leisure Fitness BIDCO Fund, Uksa Malta, Edge 50,00
Capital
Alantra Private
PORTUGAL
Haitong Securities
Country Value
Target Target Subsector Buyer Seller (EURm) Awards
Glass, Ceramic,
2 Ceriart - Cerâmi- Oxy Capital Private
Portugal Paper, Plastics, - -
ca Artística Mezzanine Fund Shareholders
Wood and Timber
Millennium BCP
Country Value
Target Target Subsector Buyer Seller (EURm) Awards
Financial Advisors
Wood and Timber
3 EDP Renewables
ENEOP Portugal Wind Energy ACE Portugal 248,00 -
Europe
PORTUGAL
No. of deals Total value
advised* 4 (EURm)
1.033,10
2 Other Consumer
SAK Project Portugal Genuinevidence - - -
Goods
LEGEND
Most Active Advisors in 2017
Cuatrecasas Portugal
G Garrigues Portugal
L Linklaters Portugal
P PBBR Advogados
PLMJ
Legal Advisors
RRP Advogados
SRS Advogados
V Vieira de Almeida
* Deals announced in 2017. Status Completed. Does not include asset acquisitions nor Joint Ventures.
Does not include due diligence nor any other type of specialized advice.
Partners
Pharmaceutical,
Parapharmaceutical and Magnum
1 Generis - Portugal Cosmetics; Healthcare, Agile Pharma Capital, Private 135,00 -
Farmacêutica Hygiene, Medical Shareholders
Aesthetics and Cosmetics
Oxy Capital
Legal Advisors
2 Fitness Mezzanine Fund,
Fitness Hut Portugal Sports and Leisure 50,00
BIDCO Uksa Malta, Edge
PORTUGAL
Capital
Partners
Lestenergía -
1 Exploração De Portugal Wind Energy Saeta Yield ProCME 104,00 -
Parques Eólicos
Glass, Ceramic,
2 Alantra
Probos Plásticos Portugal Paper, Plastics, Surteco 97,21 -
Partners
Wood and Timber
Artá Capital Fund II FCR,
Artá Capital Fund II A
Eficácia
3 Gascan Portugal Portugal Oil and Gas SCR, Artá Capital Fund II B 70,00
Verde
SCR, Deyá Capital IV SCR,
Private Shareholders
Partners
Partners
2 Hugo Correia
Oxy Capital
2 Fitness
Fitness Hut Portugal Sports and Leisure Mezzanine Fund, Uksa 50,00
BIDCO Malta, Edge Capital
Real Estate; Construction
3 Grupo (Materials and Machinery); Nacala
Portugal Private Shareholders - -
Opway Steel, Metallurgy and Holdings
Industrial Production
Partners
2 Pedro Guimarães
Legal Advisors
PORTUGAL
Garrigues Portugal
Country Value
Target Target Subsector Buyer Seller (EURm) Awards
Partners
Partners
Linklaters Portugal
Country Value
Target Target Subsector Buyer Seller (EURm) Awards
Partners
Partners
Healthcare, Hygiene,
Bebé Vida - Ciências Private Share-
2 Portugal Medical Aesthetics Stamcriovitae - -
Para a Vida holders
and Cosmetics
Partners
PLMJ
Country Value
Target Target Subsector Buyer Seller (EURm) Awards
Legal Advisors
2 Portugal Fitness BIDCO 50,00
Hut Leisure Uksa Malta, Edge Capital
PORTUGAL
Sapphire Ventures,
3 FeedZai Portugal Technology - 42,59 -
Private Shareholders
Partners
Galmax -
1 Steel, Metallurgy and Industrial Private Private
Comércio e Portugal 2,40 -
Production ShareholdersI Shareholders
Serviços
Galtrailer - Steel, Metallurgy and Industrial
2 Private Private
Indústria e Portugal Production; Automotive and 0,95 -
ShareholdersI Shareholders
Comércio Recreational Vehicles
Sidecu (Centros
3 Racket4you Portugal Sports and Leisure Private Shareholders 1,30 -
Supera)
Partners
Partners
1 ENEOP Portugal Wind Energy ACE Portugal EDP Renewables Europe 248,00 -
Legal Advisors
Partners
SRS Advogados
Country Value
Target Target Subsector Buyer Seller (EURm) Awards
1 Vallis Construction
Elevo Portugal Financial and Insurance Nacala Holdings 90,00
Sector Consolidation
2 Marketing and
Primetag Portugal Pathena - 1,30 -
Advertising; Internet
Partners
Healthcare, Hygiene,
1 Private
CGC Genetics Portugal Medical Aesthetics and Unilabs - -
Shareholders
Cosmetics
Legal Advisors
de Lagos Machinery) Management e Turísmo
PORTUGAL
ORES Redevco, Ares
3 Portitail Portugal Real Estate 5,83
SOCIMI Management
Partners
Vieira de Almeida
Country Value
Target Target Subsector Buyer Seller (EURm) Awards
1 Financial and
Novo Banco Portugal Nani Holdings - 1.000,00 -
Insurance
3 Eol Verde Portugal Wind Energy New Finerge DST Wind 27,00 -
Portugal
Contacts
ADDRESS Rua Alexandre Herculano, 50, 8º EMAIL advogados@aaa.pt
1250-011 Lisboa
Profile
START OF ACTIVITY | 2008 N.º OF EMPLOYEES | 30 lawyers
Team
LEGAL ADVISORS
Dulce Franco PARTNER José Jácome PARTNER Rita Gama Abreu PARTNER
df@aaa.pt jj@aaa.pt rga@aaa.pt
Gabriela Rodrigues Martins PARTNER Vítor Pereira das Neves PARTNER Anabela Gonçalves Ferreira PARTNER
grm@aaa.pt vpn@aaa.pt agf@aaa.pt
About Us
AAA is a law firm founded on the timeless values of the profession: Knowledge | Loyalty | Independence.
Knowledge together with vast experience in the various areas of industry and services allows for high
quality, accurate and informed legal advice.
Loyalty to the firm’s clients, involving a thorough assessment of situations of conflict of interest and
stringent compliance with professional secrecy.
Independence vis-à-vis any facts that could affect the professional opinion of the firm’s lawyers or
their action, geared exclusively towards the rights and interests of its clients.
The firm’s key asset is its people and we invest in their ongoing training, professional enhancement
and realization.
·· Labour
·· Tax
·· Administrative
·· Agribusiness
·· Natural Resources
·· Cork
·· Distribution
·· Renewable Energies
·· Pharmaceutical
·· Forestry
LEGAL ADVISORS
·· Oil and Gas
·· Private Equity
·· Telecommunications
·· Tourism
International Membership
·· Arbitration Centre of the Portuguese Chamber of Commerce and Industry
Languages
English, French and Spanish
Spain
Contacts
ADDRESS Rambla de Cataluña, 86, 1º 1ª EMAIL ilacasa@acrosslegal.com
08008 Barcelona
Profile
START OF ACTIVITY | 2007 N.º OF EMPLOYEES | The firm currently employs
Team
LEGAL ADVISORS
About Us
Legal advisors to emerging and high-growth companies primarily in technologies industries in all
aspects of general corporate law, from formation and corporate governance responsibilities to seed
and venture financings, commercial transactions and M&A. Across Legal S.L.P, with a large network
in the U.S. market, specializes in providing legal advice to flip international startups for U.S. venture
capital, and counseling startups in the legal aspects of doing business in the U.S.
Practice Areas
·· M&A
·· International Law
·· Tax Law
·· Civil Law
·· Entrepreneurs
Highlighted Transactions
Private Shareholders I,
Bongoa Tourism, Hotels and
Spain Sabadell Venture Capital, - 0,80
Ibérica 57 Restaurants
SeedRocket 4Founders Capital
LEGAL ADVISORS
Private Shareholders I,
Blooming Samaipata Ventures, Mediaset
Spain Internet - 2,00
Experience Group, Private Shareholders
Spain I, Sitka Capital Partners
Internet; Technology;
Niwa Spain Agriculture, Agribusiness, Private Shareholders I - 0,25
Farming and Fishing
Spain
Contacts
ADDRESS Serrano, 73. EMAIL allenoveryspain@allenovery.com
28006 Madrid
WEBSITE www.allenovery.com
Profile
START OF ACTIVITY | 1930 N.º OF EMPLOYEES | The firm currently
Team
Pablo Mayor PARTNER Íñigo del Val PARTNER
Corporate / Regulated Corporate / M&A
pablo.mayor@allenovery.com inigo.del.val@allenovery.com
About Us
Allen & Overy is one of the most prestigious law firms globally. With approximately 5,400 people
including more than 800 M&A lawyers working in 44 offices in 31 countries. Our internal network
incorporates lawyers who are experts in domestic law as well as have the ability to negotiate in
cross-border transactions. They act in 118 jurisdictions (representing 99% of the global total). The
knowledge and availability of our professionals worldwide guarantee an effective coordination and
an excellent service anywhere and anytime.
·· Working together
Offices
Abu Dhabi, Amsterdam, Antwerp, Athens (representative office), Bangkok, Barcelona, Beijing, Belfast, Bratislava,
Brussels, Bucharest (associated office), Budapest, Casablanca, Doha, Dubai, Düsseldorf, Frankfurt, Hamburg, Hanoi,
Ho Chi Minh City, Hong Kong, Istanbul, Jakarta (associated office), Johannesburg, London, Luxembourg, Madrid,
Mannheim, Milan, Moscow, Munich, New York, Paris, Perth, Prague, Riyadh (associated office), Rome, São Paulo,
Shanghai, Singapore, Sydney, Tokyo, Warsaw, Washington D.C and Yangon.
Practice areas
Banking & Finance, Capital Markets, Corporate, Litigation and Arbitration, Public Law, Competition
and European Law, Tax and Employment and Real Estate.
LEGAL ADVISORS
Awards
·· Nº1 advising in M&A deals in Spain – TTR 2016
Highlighted Transactions
·· Atlantia on the takeover bid of Abertis.
·· Jem Topco Limited in the sale they have done together with Alchemy, of Endeka.
·· AMP Capital Investors on the sale of a stake in CLH to Macquarie Infrastructure and Real Assets (MIRA).
·· USS, OPTrust and PGGM on the acquisition of the infrastructure company Globalvía Inversiones, S.A.
·· TUI AG in connection with the sale of Travelopia to funds controlled by Kohlberg Kravis Roberts &
Spain
Contacts
ADDRESS Paseo de la Castellana, 164 EMAIL info@araozyrueda.com
28046, Madrid
Profile
START OF ACTIVITY | 1994
Team
Alejandro Fernández de Araoz PARTNER Eduardo de León PARTNER Ainhoa Veiga PARTNER
LEGAL ADVISORS
About Us
Araoz & Rueda is a leading Spanish independent firm with broad-based corporate and commercial
practice and particular expertise and market recognition in M&A and Private Equity. Formed in 1994,
our firm was recognized by the specialized magazines and legal guides as an “M&A and Private Equity
boutique” in its early years.
Having grown in size (currently 32 lawyers, 10 of which are partners) and expanded its scope of ser-
vices over time, our firm has participated in many of the most significant national and international
transactions with blue-chip clients and other leading law firms and involving both listed and non-listed
companies.
Awards
·· Nominated in 2017 as “Best Legal Boutique in Spain” in the II Edition of Expansión’s Legal Awards.
·· “Recommended Firm” in the main legal directories (Legal 500, Chambers & Partners, IFLR 1000
and Best Lawyers) in all editions since 2000 up to the latest in 2017.
·· Awarded in Paris with the “Special Distinction as Best Spanish Law Firm in 2012” by Legal Alliance
Summit.
·· EU/Competition Law
·· Insolvency / Restructuring
·· IP/IT
·· Labour
·· Litigation
Highlighted Transactions
Amount
Target Country Subsector Buyer Seller
(EURm)
LEGAL ADVISORS
Sanyres Spain Medical Aesthetics Orpea Ibérica (Care) CajaSur, Banco 641,48
and Cosmetics Santander, BBVA
GED Capital,
Steel, Metallurgy and
Aleastur Spain Mumtalakat Private 60,61
Industrial Production
Shareholders
Residencia
geriátrica en
Real Estate;
Rincón de
Healthcare, Hygiene,
la Victoria, Spain Orpea Groupe Anjoca -
Medical Aesthetics
Residencia
and Cosmetics
geriátrica en
Culleredo
Residencia Reyes
Spain Real Estate Orpea Ibérica (Care) Sekilur -
de Aragón
Cubierta Solar
Spain Solar Perwyn Cubierta Solar -
Onda B
Spain
Contacts
ADDRESS 1 Paseo Sarasate 5, 1º dch. ADDRESS 3 Fuenterrabía 11, 5 A,
31002 Pamplona 20005 Donostia
TELEPHONE (+34) 948 210 112 TELEPHONE (+34) 943 422 774
WEBSITE www.arpa.es
Profile
LEGAL ADVISORS
Team
José Antonio Arrieta Garnica CEO - CHIEF EXECUTIVE OFFICER
About Us
ARPA’s professionals have a vast experience in delivering legal advice and high quality service to
companies, which enables them to cover all practice areas of business law.
ARPA is a law firm that consists of a team of specialised professionals with extensive experience in
providing comprehensive advice (legal, economic and tax consulting) and encouraging the building of
relationships.
We anticipate our client’s needs and believe deep market knowledge in different practice areas is the
best way to respond to your interests. Our expertise enables us to navigate across issues and global
practice with ease through the creation of multidisciplinary areas of practice, collaborating between
our people and departments without barriers.
Our extensive participation and experience in many Administration Boards as Members of the Board
or Secretaries non-members for different companies from different industries gives us a solid under-
standing of today’s complex business environment and an understanding of your concerns and your
business.
LEGAL ADVISORS
·· Industrial and Intellectual Proprety ·· Mining
·· Economic Law
·· Competition Law
·· Urban Planning
Network of offices
Spain (Pamplona, Madrid, San Sebastian, Valladolid).
Our professional teams are experienced across different areas of practice including commercial,
regulatory, tax and economic law and are capable of resolving any issues inherent to merger and
acquisitions operations, including due diligence, assessments, shareholder agreements, corporate
structuring, joint ventures, etc.
During the last 5 years, ARPA has taken part in more than one hundred mergers and acquisitions,
including Venture Capital investments and disinvestments.
Spain
Contacts
ADDRESS 1 Edificio Beatriz ADDRESS 2 Avda. Diagonal, 652
C/ José Ortega y Gasset, 29 08034 Barcelona
28006 Madrid
TELEPHONE (+34) 912 304 500 TELEPHONE (+34) 932 060 820
WEBSITE www.bakermckenzie.com
Profile
START OF ACTIVITY | 1965 N.º OF EMPLOYEES | 362
LEGAL ADVISORS
Team
Jorge Adell Marcel Enrich Esteban Raventós
Corporate / M&A / Real Estate Banking & Finance / Private Equity Tax
jorge.adell@bakermckenzie.com marcel.enrich@bakermckenzie.com esteban.raventos@bakermckenzie.com
About Us
·· The first global law firm in Spain, here since 1965.
·· Largest international network: more than 5.600 fee earners in 77 offices across 47 countries.
·· World’s Strongest Law Firm Brand for 8th Consecutive Year, Acritas 2017.
Highlighted Transactions
Banco Popular Spain Financial Services Banco Santander Banco Popular 5.500
LEGAL ADVISORS
Caja de
Caja de Arquitetos Bantierra
Abogados
S. Coop. de Crédito (Spain- based
(Spain-based Spain Financial Services 600
(Spain-based co-operative rural savings
banking unit
savings bank) bank)
of Bantierra)
Nisa´s
Nisa Spain Healthcare Vithas 300
Shareholders
FAIST Manufacturing
Germany SIKA Fidelio 2, S.A 300
ChemTech & Wholesale
Germany, Spain,
Poland, UK, Manufacturing Spirax-Sarco Flowserve
Gestra AG 186
Italy, Portugal, & Wholesale Engineering Plc Corporation
USA, Singapore
CBRE Global
Centro
Investors
Comercial Spain Real Estate Barings Over 100
Southern
Berceo
Europe
Demeter and
Contenur Spain Manufacturing ACON Investments Miura Private Confidential
Equity
Productos
Productos
Químicos
Químicos Spain Chemicals Grupo Suanfarma Confidential
Gonmisol, S.A´s
Gonmisol, S.A.
shareholders
Spain
Contacts
ADDRESS 1 C/ Goya, 29 ADDRESS 2 C/ Pascual y Genís, 5
28001 Madrid 46002 Valencia
TELEPHONE (+34) 91 432 31 44 TELEPHONE (+34) 96 39210 06 / 07
Profile
START OF ACTIVITY | 1975 N.º OF EMPLOYEES | 140
Team
Manuel Broseta SENIOR PARTNER José Manuel Copa PARTNER Carlos Ochoa PARTNER
mbroseta@broseta.com Head of the Employment Law Department Corporate and Commercial Department
LEGAL ADVISORS
jmcopa@broseta.com cochoa@broseta.com
Rosa Vidal MANAGING PARTNER
Head of the Public Law Department Isabel Merenciano PARTNER Carlos Gutierrez PARTNER
rvidal@broseta.com Employment Law Department Banking and Finance Department
imerenciano@broseta.com cgutierrez@broseta.com
Luis Trigo PARTNER
Head of the Wealth Management Carmen March PARTNER Joaquín Giráldez PARTNER
Department Corporate and Commercial Department Corporate and Commercial Law
ltrigo@broseta.com cmarch@broseta.com jgiraldez@broseta.com
Antonio J. Navarro PARTNER Miguel Geijo PARTNER José Manuel Otero Lastres SENIOR ADVISOR
Head of the Banking and Finance Head of the Commercial Law Department Commercial Law and Litigation
Department mgeijo@broseta.com jmotero@broseta.com
ajnavarro@broseta.com
Pablo Bieger PARTNER Carlos Vérgez DIRECTOR
Alejandro Ríos PARTNER M&A Head of Competition and EU Law Department
Head of the Valencia Office pbieger@broseta.com cvergez@broseta.com
arios@broseta.com
Abraham Castro PARTNER Alfonso Carrillo PARTNER
Julio Veloso PARTNER Head of White Collar Crime Department Litigation and Arbitration Department
Head of the Private Equity, Funds acastro@broseta.com acarrillo@broseta.com
and M&A area
Rosa Sanz PARTNER Enrique Beaus PARTNER
jveloso@broseta.com
Public Law Department Head of Tax Law in Valencia
Carlos Diéguez PARTNER rsanz@broseta.com ebeaus@broseta.com
Head of the Tax Department
Fernando Cacho PARTNER Luis Berenguer SENIOR ADVISOR
cdieguez@broseta.com
Public Law Competition and EU Law Department
Javier Morera PARTNER fcacho@broseta.com lberenguer@broseta.com
Tax Department
Miguel Navarro PARTNER
jmorera@broseta.com
Corporate and Commercial Law
Patricia Gualde PARTNER mnavarro@broseta.com
Head of the Litigation and Arbitration
David López PARTNER
Department
Employment Law Department
pgualde@broseta.com
dlopez@broseta.com
Practice Areas
Administrative; Arbitration; Banking and finance; restructuring and insolvencies; Competition and
EU law; Corporate and Commercial; Employment; Environment; Family office; Governance, Risk &
Compliance; Intellectual property and industrial property; Mergers and acquisitions; Private Equity /
Funds; Public Private Partnership; Procedural and Litigation; Public law; Real Estate; Tax; Urban plan-
ning; Wealth Management;
Activity Sectors
Automotive industry; Aviation; Banking and Financial Institutions; Distribution; Energy and natural
resources; Food and beverages; Infrastructures; Insurance; Life sciences; Manufacturing; Maritime;
Professional services; Public; Real Estate; Technology, media and telecommunications; Transport and
Logistics; Tourism, hospitality and leisure.
LEGAL ADVISORS
Highlighted Transactions
Amount
Target Country Subsector Buyer Seller
(EUR m)
Technology and
Finametrix Spain Allfunds Bank Private Shareholders -
Telecoms
Tensile Capital
Keraben Grupo Spain Industry Victoria Management, 274,00
Acionistas Particulares I
Services and
Comprea Spain Promotech Digital - -
Distribution
Juwi Energías
Energy and
Promosolar Juwi 17 Spain Grupo Cobra Renovables, Acionistas -
Renewable Energies
Particulares Espanha I
StormHarbour
Ahorro Corporación Services and Grupo Ahorro
Spain Securities, Atitlán 20,00
Financiera Distribution Corporación
Capital (Global)
Technology and
Nethits Telecom Group Spain - - -
Telecoms
Spain
Contacts
ADDRESS Calle Velázquez 78 EMAIL despacho@bustillo.eu
28001 Madrid
Profile
START OF ACTIVITY | 1988 N.º OF EMPLOYEES | 10
Team
LEGAL ADVISORS
Javier Bustillo MANAGING PARTNER Maria Victoria Pereña SENIOR ASSOCIATE Pilar Carretero ASSOCIATE
jbg@bustillo.eu Corporate M&A
mvp@bustillo.eu pca@bustillo.eu
About Us
The firm provides strategic advice on a number of different transactions, such as mergers, acquisi-
tions, consolidations, purchase of assets and management acquisitions.
Our approach enables us to deliver practical solutions in relation to transactions, commercial and cor-
porate matters.
Our law firm M&A services include: M&A legal strategy, full assessment of substantive legal matters,
industry-specific issues and possible legal risks, design of the most suitable structure and assistance to
negotiate successful deals ensuring results aligned with client´s deal expectations and goals.
For over three decades, Bustillo Abogados has worked with financial and strategic advisors seeking,
evaluating, and engaging in mergers and acquisitions.
Practice areas
·· M&A ·· Corporate Venture Capital
·· Venture Capital
Highlighted Transactions
LEGAL ADVISORS
Entrenar.me Spain Internet Seed CDC, Private Investors -
Spain
Contacts
ADDRESS 1 Paseo de la Castellana, 110 ADDRESS 2 Av. Diagonal, 682
28046 Madrid 08034 Barcelona
TELEPHONE (+34) 915 907 500 TELEPHONE (+34) 933 442 200
WEBSITE www.cliffordchance.com
Profile
START OF ACTIVITY | 1980 N.º OF EMPLOYEES | 150, 24 partners
Team
Jaime Velázquez Luis Alonso
LEGAL ADVISORS
jaime.velazquez@cliffordchance.com luis.alonso@cliffordchance.com
About Us
Clifford Chance, with more than 200 years of history, is one of the 10 leading global law firms
worldwide, forming part of London’s elite “Magic Circle”.
With over 35 years of experience in the Spanish market, Clifford Chance Spain is the leading
international law firm in the country.
Our work on top-tier transactions and our consolidated experience in the Spanish markets has
helped us form close relationships with regulators, government agencies and leading international
companies.
The combination of our domestic and international experience means that our clients get the
transactional capability of an international firm with the on the ground know-how and connections
of a long-established Spanish firm. Which is what one client described as “the best of both worlds”.
“Superbly positioned within both the Spanish and international landscape.” “The team has a broad
spectrum of specialist knowledge with notable expertise.” “Exceptional team providing full-service
advice”. Chambers Europe 2017 – Spain.
We are a leading global Corporate / M&A team, among a small group of elite firms at the top of the
legal market. What makes us one of the most respected practices is our client base, the mandates we
win, our industry expertise and our reputation for effectively creating value for our clients.
Despite being an international law firm, Clifford Chance Spain and, in particular, our Corporate / M&A
practice, is appraised by the Spanish market as a local and “highly-matured” team, renowned for advis-
ing many of the leading domestic and multi-national corporations across all sectors and our strong
presence in the two main transactional centres of the country: Madrid and Barcelona. Testament of it
is our consistent involvement in the main transactions in the Spanish M&A market across all sectors
and industries, including public and private companies and our involvement in Thought leadership.
Practice areas
·· Banking and finance
·· Capital markets
·· Real estate
LEGAL ADVISORS
Awards
·· Awarded 12 Tier 1 ratings in the latest Chambers Europe 2017 Guide,
7 more than the next highest-ranked international law firm.
·· Expansión Awards: Javier García de Enterría (Head of M&A in Spain) and Javier Amantegui
(Head of Latam desk & Head of Private Equity in Spain) were shortlisted for the Best M&A
Lawyers in Spain award and our team was shortlisted for Best Corporate Law Firm.
·· Expansión Awards: Javier García de Enterría, Javier Amantegui, Jaime Velázquez (Managing
Partner and Head of the Madrid Office) and Miquel Montañá (Head of the Barcelona Office) were
recognised by the Spanish legal market as key players due to their high-level activity and
involvement in major transactions throughout the year.
·· Expansion Awards 2017 lawyer of the year, Jaime Velazquez was awarded in this field.
·· TTR Transactional Track Record Database: In 2017, Jaime Velázquez, Javier Amantegui and
Javier García de Enterría were rated among the top 10 lawyers for highest number of transactions.
·· Client Choice 2017 Award: Luis Alonso received the award for Best M&A lawyer in Spain.
·· Client Choice 2018 Award: Luis Alonso award for Best M&A lawyer in Spain, Yolanda Azanza
Best Capital Markets lawyer in Spain, Juanjo Lavilla Best Public Law lawyer in Spain.
·· Iberian Layer Award: Luis Alonso granted the Iberian Lawyer 40underForty
Spain
Contacts
ADDRESS 1 Paseo de Recoletos 7–9 ADDRESS 2 Paseo de Gracia 85 ADDRESS 3 Avenida Diego Martínez
28004 Madrid 08008 Barcelona Barrio 10 . 41013 Sevilla
Profile
START OF ACTIVITY | 1927 N.º OF EMPLOYEES | The firm currently fields
Team
César Albiñana MANAGING PARTNER Rafael Suárez de Lezo MANAGING PARTNER
cesar.albinana@cms-asl.com rafael.suarezdelezo@cms-asl.com
LEGAL ADVISORS
About Us
Ranked as a Top 10 Global Law Firm, CMS is present in 42 countries and boasts 74 offices worldwide.
Our 4,500 plus CMS lawyers offer you specialist advice on numerous sectors tailored to your needs,
whether in your local market or across multiple jurisdictions.
CMS’ Spanish-based firm, CMS Albiñana & Suárez de Lezo, employs more than 100 lawyers located in
Madrid, Barcelona and Seville, and is regarded as one of the most prestigious in the Spanish market,
striving to establish a close working relationship with clients in order to fully understand their needs
and offer innovative solutions in all areas of Law.
Offices
Aberdeen, Algiers, Amsterdam, Antwerp, Barcelona, Beijing, Belgrade, Berlin, Bogotá, Bratislava, Bristol, Brussels,
Bucharest, Budapest, Casablanca, Cologne, Dubai, Duesseldorf, Edinburgh, Frankfurt, Funchal, Geneva, Glasgow,
Hamburg, Hong Kong, Istanbul, Kyiv, Leipzig, Lima, Lisbon, Ljubljana, London, Luanda, Luxembourg, Lyon, Madrid,
Manchester, Mexico City, Milan, Monaco, Moscow, Munich, Muscat, Paris, Podgorica, Poznan, Prague, Reading, Rio de
Janeiro, Riyadh, Rome, Santiago de Chile, Sarajevo, Seville, Shanghai, Sheffield, Singapore, Skopje, Sofia, Strasbourg,
Stuttgart, Tehran, Tirana, Utrecht, Vienna, Warsaw, Zagreb and Zurich.
Practice Areas
·· Corporate / M&A ·· Employment & Pensions
·· Tax
Value
Client Head Lawyer About the transaction
(EUR)
LEGAL ADVISORS
Banco Sabadell RMBS 2, Fondo de titulización
de activos and IM Sabadell RMBS 3, Fondo de
Banco Sabadell Curra Munuera Titulización de Activos on the early liquidation and 1bn
redemption of bonds, as well as the extinction of
the funds for an approximate value of EUR1bn.
Savills Luis Miguel de Dios Savills on the acquisition of Aguirre Newman. 67m
Portugal
CMS_LawTax_CMYK_from101.eps
Contacts
LISBON Rua Sousa Martins, 10, FUNCHAL Rua Ivens n.º 3, Edifício D. Mécia,
1050-218. Lisbon 5.º andar - letra W,
9000-046. Funchal
TELEPHONE (+351) 210 958 100 TELEPHONE (+ 351) 291 220 631
FAX (+351) 210 958 155 FAX (+ 351) 291 220 631
Other offices
ANGOLA
Correspondent Office in Luanda TELEPHONE (+244) 946 673 866
FTL Advogados
Presidente Business Center FAX (+244) 946 673 867
Largo 17 de Setembro, 3 – 4th floor
Room 408, Luanda. Angola WEBSITE www.ftl-advogados.com
LEGAL ADVISORS
Profile Team
N.º OF PARTNERS | 14 N.º OF LAWYERS | 77 José Luís Arnaut MANAGING PARTNER
joseluis.arnaut@cms-rpa.com
About Us
CMS Rui Pena & Arnaut is a law firm with more than 45 years of experience, firmly established in
the Portuguese market. Renowned as a proficient and professional law firm, CMS Rui Pena & Arnaut
builds long-term relationships with its clients based on trust and transparency. CMS Rui Pena &
Arnaut provides reliable, ethical and legally correct solutions and, above all, delivers creative, com-
petitive, proactive and efficient services to all its clients.
Drawing on its multidisciplinary expertise, CMS Rui Pena & Arnaut organises its work teams to take
account of individual client requirements. This includes predicting likely scenarios and anticipating
potential problems. The goal is to provide quality and consistent legal and tax advice and decisively
contribute to the successful pursuit of clients’ business goals.
Clients
The firm’s clients include large and mid-sized companies, banks, public, national and multinational
institutions active in Portugal or conducting cross-border business. They include several import-
ant national and multinational enterprises, operating in industries ranging from energy, oil and gas,
renewables, construction, steel, automotive, car rental, transportation, pharmaceuticals and elec-
tronics, to general and credit insurance, brokerage and banking. It also represents a number of public
entities and private individuals.
CMS:
Founded in 1999, with more than 70 offices in over 40 countries, CMS is one of the most global law
firms in the AmLaw Global Top 100. More than 4,500 legal professionals across the world work in
LEGAL ADVISORS
sector-based teams and are trained in project management. CMS offers specialist, business-focused
advice in law and tax matters to clients operating in complex business and constantly changing regu-
latory environments. CMS lawyers focus on their clients and on providing the best possible service.
From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour,
strategic excellence and long-term partnership to keep each client ahead whatever its chosen markets.
CMS is proud to accept market recognition for its performance as a welcome indicator that it pro-
vides clients with the highest quality of service and advice. Recent awards include winning in the
‘Innovation in legal expertise: driving value’ category at The Financial Times Innovative Lawyers
Awards Europe 2017 and ‘Private Equity Legal Adviser of the Year’ at the Mergermarket European
M&A 2017 Awards.
Spain / Portugal
Contacts
ADDRESS 1 Av. Diagonal, 191 ADDRESS 2 Almagro, 9 ADDRESS 3 Pç. Marquês de Pombal, 2
08018 Barcelona 28010 Madrid 1250-160 Lisboa
TELEPHONE (+34) 932 905 500 TELEPHONE (+34) 915 247 100 TELEPHONE (+351) 213 553 800
WEBSITE www.cuatrecasas.com
Profile
START OF ACTIVITY | 1917 Nº OF EMPLOYEES | 1.500
Team
LEGAL ADVISORS
About Us
Cuatrecasas is a law firm present in 12 countries. We advise on all areas of business law, applying a
sectoral approach and covering all types of business, and represent companies that are leaders in their
sectors, advising them on their investments in the major markets.
We have 16 offices on the Iberian Peninsula and 11 international offices, as well as 5 international
desks and over 20 country groups, which are integrated to offer the team best suited to our clients’
requirements.
Our more than 900 lawyers work with a new approach to client service, combining collective knowl-
edge with innovation and the latest technologies to offer contemporary, efficient advice and to
provide solutions to the most complex situations, creating value for the client, the team and the envi-
ronment. Thanks to our clients, we have acquired invaluable experience advising on the most complex
aspects of every specialty area, both in recurring matters as well as in transactions and proceedings.
Leading p ractice in M&A
Capital markets
We have extensive experience in advising the main listed companies in Spain and Portugal, and inter-
national companies with interests on the Iberian Peninsula. We have advised on some of the most
important initial public offerings and takeover bids that have taken place in Spain and Portugal in
recent years. We are also one of the few national firms to have a solid practice advising on the issuing
and placing of all types of debt.
Finance
LEGAL ADVISORS
We advise on structuring and implementing all types of financing, fixed-income and structured trans-
actions, and securitization, at national and international level.
Acknowledgments
European Banking & Best Spanish law firm Third most innovative firm in Most Admired
Finance Deal of the Year and best national gender continental Europe Knowledge Enterprise
diversity initiative
The Lawyer European Europe Women in Business Financial Times, 2017 MAKE, 2017
Awards, 2017 Law Awards, 2017
Spain
Contacts
MADRID DLA Piper LISBOA DLA Piper ABBC
Paseo de la Castellana, 35 Largo S. Carlos, nº 3. 1200-410 Lisboa
28046 Madrid (Portugal)
Profile
START OF ACTIVITY | Iberia 2002 Nº OF EMPLOYEES | 150 lawyers in Iberia
LEGAL ADVISORS
Team
Joaquín Echánove PARTNER Pilar Menor MANAGING PARTNER José María Jiménez Laiglesia PARTNER
Corporate, M&A and Private equity Employment Competition & EU Law
joaquin.echanove@dlapiper.com pilar.menor@dlapiper.com josemaria.jimenez-laiglesia@dlapiper.com
Iñigo Gómez-Jordana SENIOR PARTNER Jesús Zapata PARTNER Orson Alcocer PARTNER
Corporate, M&A, Private Equity and Finance & Projects Real Estate
Capital Markets. Corporate Finance jesus.zapata@dlapiper.com orson.alcocer@dlapiper.com
inigo.gomez-jordana@dlapiper.com
Ricardo Plasencia PARTNER Javier Santos PARTNER
Teresa Zueco PARTNER Financial Regulation Energy
Corporate, M&A and Private Equity ricardo.plasencia@dlapiper.com javier.santos@dlapiper.com
teresa.zueco@dlapiper.com
Carlos Rodríguez PARTNER Diego Ramos PARTNER
Enrique Chamorro OF COUNSEL Tax Intellectual Property, Information
Private Equity and M&A carlos.rodriguez@dlapiper.com Technology and Healthcare
enrique.chamorro@dlapiper.com diego.ramos@dlapiper.com
About Us
DLA Piper is a global law firm with more than 4,000 lawyers located in 90 offices across more than 40
countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to
help clients with their legal needs around the world. We strive to be the leading global business law
firm by delivering quality and value to our clients.
We achieve this through practical and innovative legal solutions that help our clients succeed. We
deliver consistent services across our platform of practices and sectors in all matters we undertake.
Awards
·· #1 by deal count Globally (for the 8th consecutive year), ·· Top ten law firms in Spain by value, TTR 2017.
·· #1 by deal count in Europe (for the 5th consecutive year), ·· DLA Piper recognized as a global and national leader in
·· #1 ranking (for combined buyouts & exits) across Europe, M&A, private equity and venture capital by PitchBook.
·· #1 by deal count in the UK (for the 11th consecutive year), ·· Second strongest legal brand globally Global
Elite Law Firm Brand Index by Acritas 2017.
·· #1 by deal count in France,
·· Named one of the most innovative law firms in Europe by the
·· #1 by deal count in Nordics, Financial Times Innovative Lawyers Europe Report 2017.
·· #1 Europe Private Equity Buyouts and Exits, ·· DLA Piper has been one of the most recommended law firms
·· #2 by deal count in Russia, by corporate counsel for ten years in a row, according to BTI
Most Recommended Law Firms report 2017.
·· #3 by deal value in Latin America, and
·· #4 by deal value in Italy, and Top 10 law firms in
Spain and Iberia by value by Mergermarket.
Extra information
Global presence: Americas: Brazil, Canada, Colombia, Chile, Mexico, Peru, United States. Europe: Austria, Belgium,
Czech Republic, Denmark, Finland, France, Germany, Hungary, Italy, Luxembourg, Netherlands, Norway, Poland,
LEGAL ADVISORS
Portugal, Romania, Russia, Slovak Republic, Spain, Sweden, Ukraine, United Kingdom. Middle East: Bahrain, Kuwait,
Oman, Qatar, Saudi Arabia, United Arab Emirates. Africa: Algeria, Angola, Botswana, Burundi, Ethiopia, Ghana, Kenya,
Mauritius, Morocco, Mozambique, Namibia, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Tunisia, Uganda, Zambia.
Asia Pacific: Australia, China, Japan, New Zealand, Singapore, South Korea, Thailand.
Highlighted Transactions
Copenhagen
Vineyard Wind USA Energy Iberdrola Aprox. €2 b
Infrastructure Partners
Aernnova
Spain Aerospace HoldCo Springwater Capital €900 m
Aerospace SAU
TowerBrook Capital,
URSA Insulation Spain Construction Torreal and Peninsula KKR Asset Management €470 m
Capital Partners
Toys
Famosa Group Spain Xella International Sun Capital €300 m
Manufacturer
Spain
Contacts
ADDRESS Paseo de la Castellana, 66 EMAIL comunicacion@eversheds-sutherland.es
28046 Madrid
Profile
START OF ACTIVITY | 2009 N.º OF EMPLOYEES | More than 80
Team
Juan E. Díaz MANAGING PARTNER Diego Cruz- Villalón LEGAL DIRECTOR
Corporate and M&A Corporate and M&A
jdiaz@eversheds-sutherland.es dcruz@eversheds-sutherland.es
LEGAL ADVISORS
About Us
Eversheds Sutherland
Eversheds Sutherland is one of the largest full service law firms in the world with over 2.300 lawyers
across 66 offices in 32 countries. We have offices in Europe, the United States, the Middle East, Asia
and Africa. In addition, we have relationship law firms in nearly 200 jurisdictions including India and
Latin America. This enables us to ensure that the needs of our clients for legal services can be covered
around the globe to the highest possible standard in a seamless and consistent manner.
Offices
London, Ipswich, Cambridge, Cardiff, Birmingham, Nottingham, Manchester, Leeds, Newcastle, Edinburgh, Dublin,
Belfast, Paris, Brussels, Rotterdam, Luxembourg City, Amsterdam, Hamburg, Berlin, Stockholm, Pori, Tampere, Jyvaskyla,
Hämeenlinna , Turku, Helsinki, Tallinn, Riga, Vilnius, Warsaw, Budapest, Vienna, Munich, Dusseldorf, Zurich, Berne, Geneva,
Madrid, Milan, Rome, Bucharest, Moscow, St Petersburg, Tunis, Durban, Johannesburg (Bryanston), Johannesburg (Melrose
Arch), Port Louis, Amman, Erbil, Baghdad, Riyadh, Doha, Abu Dhabi, Dubai, Beijing, Shanghai, Hong Kong, Singapore, Brunei
Darussalam, Sacramento, Austin, Houston, Atlanta, Washington and New York.
We have a network of more than 200 relationship law firms around the world in addition to specific
and formalized regional alliances:
·· Eversheds Sutherland Latin America Alliance
LEGAL ADVISORS
Highlighted Transactions
Prescott Consolidated
Rapido Finance, S.L.U. Spain Finance SIA Twino -
Limited
Founding
Bookassist Group Dublin TMT Jonas Software Inc. -
shareholders
Business operated Spain Service Sector Iron Mountain Santa Fe USD 30,2m
South African PE
San José & Logistic and Mediterránia Capital
Spain House Investec -
López Group Transport Partners y Africlnvest
Management
Assets relating to
Health and BECTON FRANCISCO SORIA
the distribution of Spain -
biosciences DICKINSON, S.A.U. MELGUIZO, S.A.
microbiology products
Spain
Contacts
ADDRESS Santa Engracia 14-16, EMAIL abogados@garrido.es
28010 Madrid
Profile
START OF ACTIVITY | 1992 N.º OF EMPLOYEES | 99
Team
Miguel Ángel Garrido Riosalido PARTNER DIRECTOR
LEGAL ADVISORS
miguelangel.garrido@garrido.es
About Us
Garrido Abogados is a law firm dedicated to integral legal and tax advisory services, founded in 1992
by Miguel Ángel Garrido, Tax Inspector (on leave) and renowned economic expert.
We are known for seeking innovative, simple, and effective solutions that satisfy our clients’ expec-
tations in full.
From its foundation, Garrido Abogados has acted to defend and advise its clients in a multitude of
transactions, which include some of the mostsignificant on the Spanish market in recent years.
The firm has seen considerable growth in the number of professionals with diverse training and
experience, which has allowed us to expand our range of legal and economic services with the aim of
providing integral advisory services to our clients.
Our trajectory has allowed us to be recognized as a leading law firm, with considerable prestige and
reputation in Spanish legal circles.
Practice Areas
·· Tax
·· Corporate Compliance
LEGAL ADVISORS
Spain
Contacts
ADDRESS Santa Engracia 14-16, EMAIL info@garridoforensic.es
28010 Madrid
Profile
START OF ACTIVITY | 2014 N.º OF EMPLOYEES | 4
Team
LEGAL ADVISORS
About Us
We have proven experience and renowned prestige in our interventions as independent experts in the
resolution of litigation and other disputes, both in and out of court, with the drafting and subsequent
defence of reports and expert analyses in the economic-financial, accounting, and tax fields.
Our reports are notable for their clarity, rigour, and professionalism, and act as a key component in the
success of any proceedings.
Practice Areas
From amongst our professional services, we may highlight the following:
·· Intervention as independent experts in the resolution of litigation and other
·· Reports in relation to claims for liquidated damages, and corporate and economic offences.
·· Broad experience in the drafting and subsequent defence of reports on tax offences.
Graduated in Law at the University of Salamanca and is a non-practising accounts auditor, is the
Managing Partner of Garrido Forensic.
He is an expert witness on economic matters and specializes in drafting reports on tax offences. Juan
Luis is also a Tax Inspector (on leave).
In his career at the Spanish Tax Authorities, he has held office, inter alia, at the Regional Inspectorate
of the Special AEAT Delegation in Castile-La Mancha (2003-2005), and he was the AEAT Delegate for
Salamanca from 2010 to 2014.
He has close links to the academic world, having prepared students for civilservice examinations
to join the Senior Corps of State Tax Inspectors, and he is a frequent participant in workshops and
courses on tax matters. He has authored numerous specialist articles and participated in the drafting
of various manuals on Tax Law.
LEGAL ADVISORS
Spain
Contacts
ADDRESS Calle Hermosilla, 3 EMAIL comunicaciones@garrigues.com
28001 Madrid
Profile
START OF ACTIVITY | 1941 N.º OF EMPLOYEES | 1.410 professionals
Team
LEGAL ADVISORS
About Us
Is the Iberian Peninsula’s leading tax and legal services firm in terms of professional headcount and
billings. We know the industry inside out and provide value added to each and every one of our clients.
Added Value
Experience and prestige: We can boast more than seventy years at the forefront of the tax and legal
services industry, playing an active role in legal and economic life.
Independence and ethical values: Our work is governed by strict ethical principles and an in-house
code of professional conduct that ensure the transparency and independence of our services.
Technical expertise and specialization: The ongoing training of our professionals is a strategic value.
We can draw on the services of experts in more than 30 practice areas and industry groups, taking in
everything from traditional fields of legal practice to the latest and newest areas of the law.
Flexibility and adaptation: Our relations with all of our clients are informed by trust and empathy. The
aim is to offer a bespoke service, in keeping with the needs of each particular engagement.
Rapid response time and anticipation: We offer full availability and the capability to always be one
step ahead. We are fully aware that flexibility is the key to success.
Awards
·· The British Legal Awards European Law Firm of the Year 2017.
·· Latin Finance Best Infrastructure Law Firm for the Andes 2017.
·· Expansión Legal Awards for Excellence in Business Law Practice: Best Tax Firm 2017.
·· Continental Europe’s leading firm: The European 100 - The Lawyer 2017.
·· Law Firm of the Year: Andes Latinfinance Deals of the Year Awards 2017.
Highlighted Transactions
LEGAL ADVISORS
Abertis Spain Hochtief Barclays Bank, Elliott, The Children 18.579,55
Highways
Investment Fund Management,
Lazard Asset Management
Transport,
United China Investment
LogiCor Aviation and Blackstone 12.250,00
Kingdom Corporation (CIC)
Logistics
Caisse de dépôt
et placement
GE Water & Process United Water and
du Québec General Electric Company 2.879,89
Technologies States Sanitation
(CDPQ), Suez
Environnement
Automotive
and
Opel Germany PSA Groupe General Motors 2.200,00
Recreational
Vehicles
Spain
Contacts
ADDRESS Plaza Euskadi nº 5, Planta 15; EMAIL bilbao@gbp-legal.com
48009 Bilbao
Profile
START OF ACTIVITY | 2013 N.º OF EMPLOYEES | 4
Team
LEGAL ADVISORS
About Us
GBP-Legal is a law firm provides legal advice in M&A transactions, closer to the client and from our
more than 15 years’ experience.
Adding value, fully committed and working closer to the client. GBP-Legal renders an integral service
in M&A and capital markets transactions. It also coordinates the legal advice that in other fields of law
or in other jurisdictions, specialists in other fields or international law firms from our network, may
provide to our clients when transactions demand it. We do not run our practice under rigid billing or
attention structures, as our lead lawyers do follow the matter from the beginning to the end.
Practice Areas
We focus our practice in M&A, commercial and finance law, Company law, advice to Board of Directors
and capital markets (debt and equity).
Awards
·· José Ramón Berecibar was recently selected by her peers for inclusion in
The Best Lawyers in Spain© 2017 in the fields of Corporate and M&A Law.
Engineering
BWB Consulting UK CAF Private Shareholders N/D
services
LEGAL ADVISORS
Spain
Contacts
ADDRESS Pº de la Castellana, 216 WEBSITE www.ga-p.com
28046 Madrid
Profile
START OF ACTIVITY | 1971 N.º OF EMPLOYEES |Our firm has more than 280
lawyers (61 partners), located in nine offices in
five different countries (Spain, United Kingdom,
United States of America, Portugal and Belgium).
Team
LEGAL ADVISORS
Iñigo Erlaiz HEAD OF CORPORATE Almudena Arpón de Mendívil y Aldama Francisco Gil PARTNER
ierlaiz@ga-p.com PARTNER fgil@ga-p.com
aam@ga-p.com
Fernando de las Cuevas HEAD OF M&A David González Gálvez PARTNER
fcuevas@ga-p.com Mafalda Barreto PARTNER dgonzalez@ga-p.com
mbarreto@ga-p.com
Miguel Lamo de Espinosa Daniel Marín PARTNER
HEAD OF FINANCE José Ángel Cano PARTNER dmarin@ga-p.com
mle@ga-p.com jacano@ga-p.com
Richard A. Silberstein PARTNER
Manuel Martín SENIOR PARTNER Alex Carbonell Real-Salas PARTNER rsilberstein@ga-p.com
mmartin@ga-p.com acarbonell@ga-p.com
Mónica Weimann PARTNER
Carlos Rueda MANAGING PARTNER Rubén Ferrer PARTNER mweimann@ga-p.com
crueda@ga-p.com rferrer@ga-p.com
Verónica Romaní PARTNER
Alfonso Areitio PARTNER Francisco Fita PARTNER vromani@ga-p.com
aareitio@ga-p.com ffita@ga-p.com
Fernando Igartua PARTNER
figartua@ga-p.com
About Us
We are an independent Iberian law firm and our aim is to provide first rate advice to our clients
through innovative, practical and successful legal strategies. This is possible thanks to:
·· the in-depth legal knowledge of more than 280 lawyers in our team;
·· in-depth understanding of our clients’ business and the ability to anticipate their needs;
·· our working method: by creating multidisciplinary teams led by one or more partners who
interface with the client, ensuring that the best experts participate effectively in each case;
all leaders in their respective fields, and who work together with the lawyers to cover the
specific needs of each client and case, thereby ensuring advice of the highest standards.
To achieve these objectives we recruit some of the finest young lawyers in the profession who are
offered a compelling challenge in an environment that allows them to develop their knowledge,
strengths and abilities to the full, receiving expert training in legal matters, languages and commu-
nication skills and to improve management and negotiation capacities. Moreover, the majority of our
professionals bring to the firm knowledge of other jurisdictions as a result of internships at leading
international law firms in the European Union, the United States and Japan.
·· Maritime law
LEGAL ADVISORS
Work Highlights
Spain
Contacts
ADDRESS Calle de Velázquez 63 WEBSITE herbertsmithfreehills.com
28001 Madrid
Profile
START OF ACTIVITY | 2009 N.º OF EMPLOYEES | More than 100
Team
Álvaro Sainz SENIOR PARTNER Henar González PARTNER Iria Calviño OF COUNSEL
alvaro.sainz@hsf.com henar.gonzalez@hsf.com iria.calvino@hsf.com
LEGAL ADVISORS
About Us
Herbert Smith Freehills is an international law firm result of the merger between Herbert Smith
(London), and Freehills (Sydney). Operating from 27 offices across Asia Pacific, EMEA and the US,
Herbert Smith Freehills is at the heart of the new global business landscape providing premium qual-
ity, full-service legal advice.
In 2009, Herbert Smith opened its office in Madrid to provide national and cross-border legal advice
to Ibex 35 companies and important local and multinational clients with complex and high-profile
operations in Spain and in the rest of the world.
International network
Bangkok, Beijing, Belfast, Berlin, Brisbane, Brussels, Doha, Dubai, Düsseldorf, Frankfurt, Hong Kong,
Johannesburg, London, Madrid, Melbourne, Milan*, Moscow, New York, Paris, Perth, Riyadh*, Seoul,
Shanghai, Singapore, Sydney, Tokyo, Jakarta*, Africa Group, India Group, Iran Group, Kazakhstan
Group, Latam Group, Nordic Group, Saudi Arabia Group, Ukraine Group.
*Associated firms
Main sectors
Construction and engineering; Consumer products; Energy and mining; Environment and plan-
ning; Financial buyers; Financial services; Infrastructure and transport; Insurance; Leisure and sport;
Manufacturing and industrials; Pharmaceuticals and healthcare; Professional services; Real estate; TMT.
LEGAL ADVISORS
Highlighted Transactions
Transaction
Target Seller Buyer (%) Value
(EUR)
Not disclosed,
some media
Pachá Group the Urgell family Trilantic Capital Partners
estimate it
around 350m
Mutua Madrileña
Ingesport Health & Spa Consulting Corfin Capital Approx. 170m
and Torreal
Antin Infrastructure
Axión Infraestructuras de Telecomunicaciones AMP Capital 135m
Partners
Spain
Contacts
ADDRESS Paseo de Recoletos 37-41, EMAIL mfernandez@jonesday.com
5th floor,
28004, Madrid
Profile
START OF ACTIVITY | Firm, 1893. Madrid office, 2000
LEGAL ADVISORS
Team
Federico Merino PARTNER Paloma Mato OF COUNSEL David Hernández ASSOCIATE
M&A M&A M&A
fmerino@jonesday.com pmato@jonesday.com dhernandez@jonesday.com
Miguel Bermúdez de Castro PARTNER Blanca Puyol OF COUNSEL Marina Bru ASSOCIATE
M&A M&A M&A
mbermudezdecastro@jonesday.com bpuyol@jonesday.com mbru@jonesday.com
About Us
Jones Day, a legal institution with more than 2,500 lawyers on five continents, is based on a set of core
principles - the most critical of which is a relentless focus on client service that transcends individual
interests. We are One Firm Worldwide.
Practice Areas
·· Antitrust & Competition Law ·· Cybersecurity, Privacy & Data Protection
·· Banking, Finance & Securities ·· Employee Benefits & Executive
·· Business & Tort Litigation Compensation
·· Business Restructuring & Reorganization ·· Energy
Highlighted Transactions
Client Transaction
Acquisition of majority interest in and formation of a joint venture with Montepino Logistica SL to
CBRE Global Investors develop a portfolio of prime assets in core locations in Spain. This transaction represents the first
joint venture investing in logistics assets under development in Spain after the financial crisis.
FactSet Research
Acquisition of Interactive Data Managed Solutions (IDMS) from Intercontinental Exchange.
Systems, Inc.
LEGAL ADVISORS
Acquisition of Endeka Group, a global producer of high value coatings
Ferro Corporation and key raw materials for the ceramic tile market.
Formation of Auria Solutions Ltd., a new global supplier of soft trim and acoustical
products for the automotive industry and joint venture with Shanghai Shenda Co.
International Automotive Ltd. ("Shenda"). Shenda acquired a 70% stake in the UK-based joint venture based on
Components Group S.A. an enterprise value of $570 million. IAC retained a 30% interest. The joint venture's
operations include substantially all of IAC’s soft trim and acoustics operations,
consisting of 21 manufacturing facilities and four technical centers worldwide.
Portobello Capital Acquisition of 100% of the Spanish companies Centauro Rent a Car, S.L. Unipersonal
Gestion SA SGEIC and Nordic Bus, S.L. Unipersonal, car hire and bus hire companies, respectively.
Spain
Contacts
ADDRESS C/ Goya, 6 EMAIL madrid@eu.kwm.com
28001 Madrid
Profile
START OF ACTIVITY | 1999 Nº OF EMPLOYEES | King & Wood Mallesons
Team
LEGAL ADVISORS
Carlos Pazos MANAGING PARTNER Joaquín Sales PARTNER Alfredo Guerrero PARTNER
Corporate, M&A, Private Equity Banking and Finance Litigation and Arbitration
carlos.pazos@eu.kwm.com joaquin.sales@eu.kwm.com alfredo.guerrero@eu.kwm.com
About Us
King & Wood Mallesons (KWM) is a global and multidisciplinary law firm with more than 2,000 law-
yers. With presence in Europe, Middle East, Australia, China, Japan and U.S., King & Wood Mallesons
is one of the biggest law firms worldwide.
KWM has become one of the benchmark firms for Corporate, M&A and Private Equity. It has a high
level of expertise and a global team of more than 100 partners specialized in Corporate and M&A
and more than 70 in Private Equity. The firm’s clients are large national and international compa-
nies, financial institutions, funds, private equity firms and investors. The firm advises them on major
transactions (mostly with a cross-border component), the structuring of investment vehicles, capital
markets, tax and regulatory issues.
Practice Areas
·· Corporate and M&A ·· Labour ·· Energy and Infrastructure
Clients
Grupo EDP Hispasat Equistone Grupo Nexxus Capital Black Toro
Partners Entrecanales Capital - AM Trea
Indigo Grupo Nicolás Oquendo Capital
Correa Sonae Espiga Capital Axis
Intertrust Portobello Participaciones
Lion Capital Abac Capital Akina Capital Empresariales
Capital Dynamics
Aurelius Group Altamar Capital GED Capital Qualitas Equity JB Capital
La Seda de Partners Partners Markets
Barcelona Aquila Capital Magnum Capital
Altan Capital Industrial Realza Capital Valencia Club
First State Meriton Holdings Partners de Fútbol
Arcano Group Seaya Ventures
Sovena Oilseeds Ardian MCH Private Northeast
Artá Capital Equity Sherpa Capital Industries Group
Zeltia Ladbrokes
LEGAL ADVISORS
COFIDES Meridia Capital Swanlab Venture
Associated El Corte Inglés Factory
British Food Corpfin Capital Alantra
Alain Afflelou Real Estate Ysios Capital
Vocento
Highlighted Transactions
Client Transaction
Advice on the sale of Natugás - the second largest gas distribution company in Spain - to
EDP the consortium established by JP Morgan Infrastructure, Abu Dhabi Investment Council,
Swiss Life Asset Managers and Covalis Capital. Deal value: EUR 2,591 million.
Advice on the acquisition of the Momentum Business of the Delphi Group, composed by
the Spanish company Delphi Packard España, S.L., currently named Merit Automotive
Northeast Industries Group
Electronics Systems, S.L.U., and other assets of the business located in different jurisdictions
such as Mexico, China, Brazil, Poland, USA and Germany. Deal value: EUR 197 million.
Advice on the acquisition of Abelan Board Industrial S.L., a major producer of core board and
Aurelius Group
solid board packaging products operating out of Southern Europe, from PHI Industrial.
Axis Participaciones Advice on all the issues related to its activities in the private equity and venture
Empresariales capital sector, including its divestments in Recyclair and Suaval.
First State Advice on the transfer to the Japanese company Sojitz Corporation of a 15% stake in Reganosa.
Advice on the combination of its sport fashion business in Spain and Portugal,
Sonae
SportZone, with its competitor JD-Sprinter, owned by JD Sports and Balaiko.
Spain
Contacts
ADDRESS Gran Vía Don Diego Lopez de Haro, EMAIL lawesome@lawesome.es
nº 17, 1ª Planta, 48001- Bilbao
Profile
START OF ACTIVITY | 2013 N.º OF EMPLOYEES | 11
Team
LEGAL ADVISORS
Martin Eguia Barrio FOUNDING PARTNER Aitor Zubizarreta Gorostiza SENIOR ASSOCIATE
Director of Crisis Management Services Startups, M&A and Venture Capital
About Us
The firm is a Legal Boutique focused on advising companies and entrepreneurs with two distinct lines
of business:
Growth Services: focused on the launching of new businesses and, especially, on M&A and Venture
Capital transactions. The team is highly specialized in advising startups with high growth potential as
well as Technology Centers and Universities in launching their Spin Offs.
Practice Areas
·· Commercial and ·· Intellectual and ·· Fintech ·· Banking Law
corporate law Industrial Property Law
·· Bankruptcy Law ·· Collaborative Economy
·· M&A ·· Internet
·· Litigation
·· Venture Capital ·· Fashion Law
Optimitive
Luxembourg Technology Enzen - 1,25
International
LEGAL ADVISORS
(CASER SEGUROS),
Private Investors
BOLETUS
Boletus Network, S.L. Spain Fintech PAYMATICO GROUP, S.L. 1,40
Syndicates, S.L.
Fintech Ventures,
Housers Re Europe,
Spain Proptech BANKINTER Capital 1,58
S.L. (Housers)
Riesgo I, FCR
INSTITUT D´ESTUDIS
Y PROFESSIONS,
S.L., OSSAMAJOR Not
Educaonline, S.L. Spain Internet EDUCAEDU BUSINESS, S.L.
INICIATIVES Disclosed
EMPRENDEDORES,
S.L., Private Shareholdes
REPSOL VENTURES,
Smart
WATTIOCORP, S.L. Spain S.L., KEY WOLF, S.L. , 2,00
Home
Private Shareholdes
Spain
Contacts
ADDRESS Almagro, 40 EMAIL madridclientconnections@
28010 Madrid linklaters.com
Profile
START OF ACTIVITY | 2000 N.º OF EMPLOYEES | The firm boasts more than 130
Team
LEGAL ADVISORS
About Us
Linklaters has become one of the leading law firms in Spain, with over 18 years’ experience in the
country.
Practice areas
The corporate/M&A, finance and dispute resolution departments make up the firm’s core practice
areas, complemented by market-leading specialist teams in other areas (tax, competition/antitrust,
public/administrative law, real estate and employment). We also have lawyers practicing English
and U.S. law who advise on the international aspects of the transactions in which we are involved.
Linklaters is able to offer technical excellence and sound and comprehensive advice on almost all key
areas of business law.
Our structure gives us complete flexibility to set up multi-jurisdictional and multi-disciplinary teams,
offering clients the ease of having a single point of contact in Madrid and the guarantee of a consistent
service in line with our firm’s standards of quality.
The private equity and venture capital team is led by Alejandro Ortiz, head of the corporate depart-
ment and senior partner of Madrid’s office. It includes a group of partners and senior lawyers highly
experienced in the design, negotiation, execution, financing and tax structuring of all kinds of deals.
Highlighted Transactions
LEGAL ADVISORS
Highways
The Children Investment
Fund Management, Lazard
Asset Management
Cerberus Capital
Anida Grupo
Spain Real Estate Management BBVA 4,000.00
Inmobiliario
(Global)
Ardian, Kutxabank
Compañía Logística de
Spain Oil and Gas Global Casandra (fusión de BBK, Kutxa y 1,000.00
Hidrocarburos (CLH)
Vital), Abanca, AIMCo
Macquarie
Compañía Logística de European AMP Capital, Oman
Spain Oil and Gas 1,000.00
Hidrocarburos (CLH) Infrastructure Oil Company
Fund 5
Wind, Solar,
Vela Energy Spain Sonnedix Group Centerbridge Partners 700.00
Hydraulic
Spain
Contacts
ADDRESS Rua Castilho, 165. EMAIL mlgtslisboa@mlgts.pt
1070-050 Lisboa
Profile
N.º OF EMPLOYEES | 205
Team
LEGAL ADVISORS
About Us
MLGTS is a leading full-service law firm in Portugal, with a solid background of more than 80 years of
experience.
Internationally recognised, its reputation stems from the excellence and high level of the services
provided to clients, solid ethical values and a distinctive approach with cutting edge solutions.
The specialised legal services in the main areas of law and in different sectors of the economy are also
a guide mark of the firm that lead to its involvement in the most important operations in Portugal, as
well as in highvalue cross-border transactions and disputes.
With a team comprising more than 200 lawyers at a client’s disposal, the firm has its head office in
Lisbon and additional offices in Porto and Funchal. Due to its network of associations and alliances with
Practice areas
Administrative and public procurement; banking and finance; capital markets; corporate and commer-
cial; European law and competition; intellectual property; labour and social security; litigation and
arbitration; real estate; life sciences; tax; urban planning and environment.
International memberships
·· Lex Mundi. L&E Global. ELG – Energy Law Group.
Awards
·· Chambers & Partners - Portuguese Law Firm of the Year (2008; 2010; 2013; 2015; 2017).
·· IFLR - Portuguese Law Firm of The Year (2005; 2007; 2008; 2010; 2011; 2017).
International Offices:
LEGAL ADVISORS
Piso 5, Escritório A, fracção NN5 21/F and 23/F A-B, Macau
Talatona, Município de Belas Maputo, Mozambique Tel. +853 2833 3332
Luanda, Angola T. +258 21 344000 www.mdme.com.mo
M. + 244 926 877 476/8/9 www.hrlegalcircle.com mdme@mdme.com.mo
www.alcadvogados.com geral@hrlegalcircle.com
geral@alcadvogados.com
Spain
Contacts
ADDRESS Pº de la Castellana, 55 WEBSITE www.ontier.net
28046 Madrid
Profile
START OF ACTIVITY | 1959 N.º OF EMPLOYEES | 300 lawyers, including 45 partners
Team
LEGAL ADVISORS
About Us
ONTIER is a global law firm, headquartered in London, with a presence in 14 countries: Bolivia, Brazil,
Chile, Colombia, Dominican Republic, Italy, Spain, the USA, Mexico, Paraguay, Peru, Portugal, the UK
and Venezuela. It is currently the international firm with the largest footprint in Latin America, and
the best legal partner for any company with interests in the region.
ONTIER is a full-service international law firm. While it is active in all areas of legal practice, it
stands out for its specialisation in complex corporate and commercial transactions and interna-
tional commercial disputes. Some of ONTIER areas of expertise include: International Litigation and
Arbitration, Corporate Law, White Collar Crime Law, Real Estate Law, Tax Law, Labour Law, Financial
Law and Capital Markets, Family Law, IT & IP, Insolvency and Restructuring, Public Law. The firm is
also deeply specialised in the energy sector and in advising family-run companies.
In countries such as Spain, the firm has advised in some of the most significant and complex disputes
and transactions in the last few years, some of which are considered as the largest or most complex
cases in the country´s history.
·· Corporate, M&A
·· Labour Law
·· IT & IP
·· Real Estate
·· Tax Law
LEGAL ADVISORS
Real Estate
Energy & Natural Resources Jaime Díaz de Bustamante Berasategui
Bernardo Gutiérrez de la Roza Pérez
Tax
& Pablo Enrile Mora-Figueroa
Manuel Díaz Corral & Francisco de Haro
Public Law and Urban Planning
White-Collar Crime Law
Jorge Álvarez González & Pedro Rubio Escobar
Berta Aguinaga Barrilero & Juan
Bankruptcy and Insolvency Law Casanueva Pérez-Llantada
Bernardo Gutiérrez de la Roza Pérez
Business Inheritance & Corporate Governance
& Eutimio Martínez Suárez
Bernardo Gutiérrez de la Roza Pérez
Finance & Capital Markets
Ramón Ruiz de la Torre Esporrín
Other Offices
Bolivia (La Paz and Santa Cruz), Brazil (Rio de Janeiro and São Paulo, in collaboration with Derraik
& Menezes Advogados), Chile (Santiago), Colombia (Bogota), Dominican Republic (Santo Domingo),
Italy (Rome and Milan), Mexico (Mexico City), Paraguay (Asuncion), Peru (Lima), Portugal (Lisbon,
Porto), Spain (Madrid, Oviedo, Santander, Seville), UK (London), USA (Miami) and Venezuela (Caracas).
Spain
Contacts
ADDRESS 1 Av. Diagonal, 477, ADDRESS 2 Calle Coso, 33, ADDRESS 3 Pº de la Castellana, 52,
planta 20 planta 4 planta 6
08036 Barcelona 50003 Zaragoza 28046 Madrid
WEBSITE www.osborneclarke.com
Profile
START OF ACTIVITY | 1986 N.º OF EMPLOYEES | 80 lawyers distributed between
Team
Nuria Martin MANAGING PARTNER Jordi Fábregas PARTNER Luis Castro PARTNER
Spain and Barcelona Tax Energy/Public Law
nuria.martin@osborneclarke.com jordi.fabregas@osborneclarke.com luis.castro@osborneclarke.com
Daniel Riopérez MANAGING PARTNER Miguel Loran PARTNER Rafael García del Poyo PARTNER
Madrid Tax IT & IP
daniel.rioperez@osborneclarke.com miguel.loran@osborneclarke.com rafael.garciadelpoyo@osborneclarke.com
Francisco Díez Amoretti MANAGING Silvia Steiner PARTNER Eduard Arruga PARTNER
PARTNER - Zaragoza Commercial & Compliance Finance
francisco.diezamoretti@osborneclarke.com silvia.steiner@osborneclarke.com eduard.arruga@osborneclarke.com
About Us
We are an international legal services company with extensive experience in Spain. We have a long-
standing history of more than 30 years providing advice to national and international clients, many of
them leaders in their respective markets.
We have in-depth knowledge of the peculiarities and problems associated with such transactions
from a commercial, financial, labor, tax and regulatory point of view.
International memberships
We have a clear international vocation. From our headquarters in Barcelona, Madrid and Zaragoza
we regularly coordinate international transactions with our offices in the United Kingdom (London,
Bristol and Thames Valley), Germany (Cologne, Berlin, Munich and Hamburg), IItaly (Milan, Rome,
Brescia, Padua and Busto Arsizio), France (Paris), Belgium (Brussels), The Netherlands (Amsterdam),
Sweden (Stockholm), China (Hong Kong and Shanghai), Singapore and USA (New York, Silicon Valley
(Palo Alto) and San Francisco).
Awards
Law Firm of the Year 2015 (by The Lawyer and Legal Business)
Highlighted Transactions
Advisory
Client Description Value
Role to
LEGAL ADVISORS
Osborne Clarke advises Grifols in acquisition of 49% of the shares of
Grifols Investor USD 51m
Access Biologicals LLC and a call option to acquire the remaining 51%
Grifols Osborne Clarke advises Grifols in its acquisition of 44% of Gigagen, Inc. Investor USD 35m
Spain
Contacts
ADDRESS 1 Paseo de la Castellana, 50 ADDRESS 2 Av. Diagonal 640, 8ºA
28046 Madrid 08017 Barcelona
TELEPHONE (+34) 914 360 420 TELEPHONE (+34) 934 813 075
Other offices
LONDON 24 Monument Street, NEW YORK 375 Park Avenue, 38th floor
8th floor New York, NY 10152
EC3R 8AJ London
TELEPHONE (+44) 207 337 9700 TELEPHONE (+1) 646 846 6660
LEGAL ADVISORS
Profile
START OF ACTIVITY | 1983 N.º OF EMPLOYEES | Currently employing
Team
Sergio Agüera PARTNER Alfredo Lafita PARTNER Carmen Reyna PARTNER
saguera@perezllorca.com alafita@perezllorca.com creyna@perezllorca.com
Iván Delgado PARTNER Pedro Marques Da Gama PARTNER Gerard Serra PARTNER
idelgado@perezllorca.com pgama@perezllorca.com gserra@perezllorca.com
José Luis García-Manso PARTNER José María de Paz PARTNER Luis Zurera PARTNER
jlgarciamanso@perezllorca.com jdepaz@perezllorca.com lzurera@perezllorca.com
Pérez-Llorca is a pre-eminent law firm in Spain. We provide high-end advice to international and
domestic clients in connection with the largest and most complex transactions and disputes in Spain
or matters with a Spanish component. We pride ourselves on offering unrivalled quality, service and
commitment to clients. The majority of our work is cross-border and often involves several jurisdic-
tions. As an independent law firm, we approach multijurisdictional work by providing turnkey solutions
together with other leading independent firms from Europe, the Americas or Asia. We offer full-ser-
vice advice on Spanish law and operate from our offices in Madrid, Barcelona, London and New York.
Professional Memberships
·· Spanish Section of the International Law Association (ILA)
LEGAL ADVISORS
·· Others
Practice Areas
Administrative & Regulatory, Banking & Finance, Capital Markets, Competition, Corporate/M&A, EU
Law, Labour, Land Planning, Litigation & Arbitration, Privacy, IP/IT & Digital Business, Private Equity,
Real Estate, Restructuring & Insolvency, Tax, Venture Capital, Wealth Management, White Collar
Crime & Investigations.
Awards
·· “Spain Law Firm of the Year” 2017 (Chambers Europe Awards) Winner
·· “Spain M&A Legal Adviser of the Year” 2017 (Mergermarket European M&A Awards) Winner
·· “Law Firm of the Year” 2018 for the practice of “Real Estate Law” in Spain (Best Lawyers®) Winner
·· “European Law Firm of the Year” 2017 (The British Legal Awards) Shortlist
Commended
·· “Best Managed International Firm,” “Best co-ordination in winning new work,” and
“Best collaboration with external specialist” 2017 (MPF Awards for Management Excellence)
Shortlist
·· “Spain Client Service” 2015 (Chambers Europe Awards) Winner
·· Partners and lawyers are recommended in: Chambers Global, Chambers Europe, Legal 500 EMEA,
Spain
Contacts
ADDRESS Serrano, 90 WEBSITE www.pinsentmasons.com
28006, Madrid
Profile
START OF ACTIVITY | May 2017
Team
Diego Lozano MANAGING PARTNER Antonio Sánchez Montero PARTNER Inmaculada Castelló PARTNER
LEGAL ADVISORS
About Us
Pinsent Masons is a sector focused global law firm. Our strategy is to invest in geographies that con-
nect our clients to where they want to do business. We have acted for Spanish clients internationally
for many years.
Our clients and their businesses led us to Madrid. Our Spanish office is in the heart of Madrid, cen-
trally located to service the needs of businesses and investors, both nationally and internationally.
Our Spanish team offers a local service enhanced by the skills and resources of over 1,800 lawyers
operating across Europe, Africa, the Middle East, China and the Asia Pacific region. Whether you are
an international company, institution or individual investing and operating in Spain, or a Spanish client
requiring advice on local, regional and international matters, our team combines local knowledge with
international experience, connections and reach, to help you achieve your business objectives.
Practice Areas
·· Infrastructure ·· Advanced Manufacturing ·· Real Estate
Awards
Law Firm of the Year by Legal Business and Legal Week in 2016.
Highlighted Transactions
Total Value
Target Country Subsector Buyer Seller
(EURm)
Sidecu (Centros
Spain Gym Portobello Capital Private shareholders 150,00
Supera)
Máquinas
Residencia Tercera Nursering Vitalia Plus (CVC Automáticas de
Spain Confidential
Edad El Castillo Homes Capital) Restauración (Mutua
LEGAL ADVISORS
Renault España)
Construction
Pladur Gypsum Spain Etex Group COEMAC 114,00
Materials
Mabo Farma Spain Pharmaceutical Private shareholders Meiji Seika Pharma Confidential
Portugal
Contacts
ADDRESS Av. da Liberdade, 224 EMAIL plmjlaw@plmj.pt
Edifício Eurolex
1250-148 Lisboa
Profile
Team
LEGAL ADVISORS
About Us
PLMJ is Portugal’s largest and most senior law firm with nearly 290 lawyers, including 58 partners.
With 50 years of history and experience, we are recognised for our immediate and assertive response
to all our clients’ needs, and for our investment in human capital and the development of legal tal-
ent. We are also recognised for our unparalleled quality and track record of transactions of enormous
complexity, advising Portuguese clients and handling major international and foreign investment
operations. The reputation and values of PLMJ’s brand and legal services have spread across borders
and have merited extensive international recognition for both excellence and innovation. PLMJ is one
of the most innovative law firms in continental Europe, according to Financial Times.
The focus on internationalisation is increasingly relevant for PLMJ and, through PLMJ Network, the
firm has also established itself as a reference outside Portugal. The network is made up of partnerships
with local, independent firms in Angola, Mozambique, China, Guinea-Bissau, São Tomé and Príncipe,
Brazil and Cape Verde. PLMJ also has specialised desks for France, Switzerland, Germany, the United
Kingdom, Benelux, Scandinavia and Italy, to cover the key markets for outbound and inbound invest-
ment in Portuguese-speaking countries.
Highlighted Transactions
ASSIP, Parkinvest,
ESIF I, Transport
Macquarie European
Empark Spain Car Parks Infrastructure Holding 1.000,00
Infrastructure Fund 5
Company, Haitong
International Holdings
Cars, Motorcycles
LEGAL ADVISORS
Goldcar Spain Europcar Groupe Investindustrial 550,00
and Other Vehicles
Locaviseu -
Sociedade de Portugal Real Estate Resilient, Greenbay RPPSE Holding 219,25
Gestão de Imóveis
Ascendi Operadora
Lineas - Concessões
PI, Ascendi Portugal Roads and Highways Ascendi PT II 140,00
de Transportes
Pinhal Interior
Acionistas Particulares
City Time Spain Distribution and Retail Pandora 110,00
Espanha I
Oxy Capital
Fitness Hut Portugal Sports and Leisure Fitness BIDCO Mezzanine Fund, Uksa 50,00
Malta, Edge Capital
Sapphire Ventures,
FeedZai Portugal Technology - 42,59
Acionistas Particulares I
Tourism, Hotels
LNMK - Fundo de
Royal Óbidos Portugal and Restaurants; Millennium BCP 31,20
Capital de Risco
Sports and Leisure
REN - Redes
Follow-On / Euronext Lisbon
Energéticas Portugal Electric Energy 250,00
Rights Issue / RENE
Nacionais
Spain
Contacts
ADDRESS 1 Calle Almagro, 16-18 ADDRESS 2 Caravel·la La Niña, 12 6a planta
28010, Madrid 08017, Barcelona
WEBSITE www.ramonycajalabogados.com
Profile
START OF ACTIVITY | 1986 N.º OF EMPLOYEES | +120 lawyers, 38 partners
Team
Francisco Palá MANAGING PARTNER Alberto Alonso Ureba PARTNER Javier Menchén PARTNER
fpala@ramoncajal.com Corporate and M&A Banking and Finance
aalonso@ramoncajal.com jmenchen@ramoncajal.com
Andrés Mas PARTNER
LEGAL ADVISORS
About Us
We are a law firm focused on business law, providing legal advice to medium and large companies,
across multiple business lines.
Since our founding in 1986 we have grown to become a firm of national standing within the Spanish
legal sector.
Currently we are more than 120 lawyers, 38 of whom are partners, in our offices in Madrid and
Barcelona.
Our clients include large and mid-sized companies from highly diverse sectors. Many of them have
been with us since the beginning. As some of these companies have a noteworthy international pres-
ence and regularly handle cross-border transactions, we are involved in relevant capital markets and
corporate transactions every year. We are open and approachable in our relationships with clients and
tailor our services to meet their specific needs.
Highlighted Transactions
Private
Cartera Jets Spain Financial and Insurance Bankia -
Shareholders
LEGAL ADVISORS
WElink Energy
Morningchapter Portugal Electric Energy Solaer Group -
(U.K.)
Portfolio of real
estate assets Spain Real Estate Bain Capital Bankia -
worth EUR 160m
Mercado Alternativo
Netex Spain Internet IPO -
Bursatil (MAB) / NTX
Spain
Contacts
ADDRESS Avda de Burgos, 17 - 3º EMAIL despacho@riverogustafson.com
28036 Madrid
Profile
START OF ACTIVITY | 1997 N.º OF EMPLOYEES | 25 professionals
Team
LEGAL ADVISORS
About Us
The firm, founded in 1997 by lawyers coming from international law firms, provides legal advice
in the daily activity of companies operating in the most diversified business sectors, assists clients
throughout strategic transactions as well as in the defence of entrusted interests before courts and
arbitration panels.
Leaning on a team of highly qualified practitioners coming from prestigious law firms, we offer the
experience and quality of international outfits at exceptionally competitive rates.
Legal500, Chambers and Tax Directors Handbook recommend Rivero & Gustafson Abogados for
Corporate/M&A, Dispute Resolution, Employment and Tax.
International
AWERIAN, The boutique business law firm network
Rivero & Gustafson Abogados is a founding partner of the AWERIAN Alliance, an integrated network
of boutique business law firms to respond to cross-border challenges and opportunities in a more cost
efficient approach than ever before.
Its offices are located in offices in France, Belgium, Spain, Germany and Austria.
What’s more, the Firm collaborates with prestigious law firms in the USA,The Netherlands, Italy,
Norway, Portugal, UK, Sweden and Switzerland.
Practice areas
·· Corporate/M&A
LEGAL ADVISORS
·· Litigation and Dispute resolution
·· Tax
·· Labour/employment
Fields of exp ertise
·· Private Equity
·· Insolvency
·· IT
·· Real Estate
·· Pharmaceuticals
Spain
Contacts
ADDRESS 1 Aribau 198, 1st floor ADDRESS 2 c/ José Abascal, 56 - 7º
08036 Barcelona 28003 Madrid
Profile
START OF ACTIVITY | 1997 N.º OF EMPLOYEES | 230
Team
LEGAL ADVISORS
About Us
Established in 1996, Roca Junyent currently employs over 230 professionals working from offices in
Barcelona, Madrid, Palma, Lleida, Girona and Shanghai.
Roca Junyent’s rapid expansion and involvement in major transnational deals have resulted in the Firm
being well positioned and acknowledged as one of the best law firms in the European legal market.
In recognition of this the Firm, and many of its fee earners, have been singled out by the most presti-
gious legal publications, including Chambers, Legal 500, and Best Lawyer International.
Roca Junyent has established solid, permanent collaboration relationships with top-tier law firms in
Europe and in the rest of the world. In 2006 the Firm joined the international network TerraLex, allow-
ing it to rely on the assistance of top-notch legal Firms worldwide in order to offer clients a truly global
service. In 2002 Roca Junyent became the first Spanish law firm to set up shop in China by opening up
its Shanghai office. This was intended to fill up a perceived gap in the offer of legal services targeted at
Spanish businesses in China and to address more effectively our clients’ needs in terms of legal advice.
Fields of expertise
Administrative, Air Navigation, Arbitration, Automotive, Banking and Finance , Civil & Commercial
Litigation, Constitutional Law, Copyrights Law, Corporate, Criminal Law, Data Protection, Distribution
Agreements, Employment Law, Energy, Entrepreneur Support, Environmental, EU & Competition
law, Family Businesses, Health and Food Law, Infrastructures, Insurance, IP Law, Unfair Competition
and Advertising, Mergers & Acquisitions, Non-profit organizations, Private Equity, Project Finance,
Public Contracting Area, Real Estate, Refinancing, Restructuring and Insolvency, Sports Law, Tax
Law, Technology and Leisure, Urban Planning, China Desk, French Desk, German Desk, Latam Desk,
Scandinavian Desk, Dutch Desk, UK Desk, USA Desk.
LEGAL ADVISORS
Highlighted Transactions
Private Shareholders,
Cartera de oficinas
Spain Real Estate Meridia Fund III Oaktree Capital 66,00
en Barcelona
Management
Inversiones
Tourism, Hotels Meliá Hotels
Turísticas Spain Grupo CIO -
and Restaurants International
Casas Bellas
Inversiones
Tourism, Hotels Meliá Hotels
Hoteleras Playa Spain Grupo CIO -
and Restaurants International
del Duque
Healthcare, Hygiene,
Palex Medical Spain Medical Aesthetics Corpfin Capital Private Shareholders -
and Cosmetics
Negocio de pan
Spain Food Adam Foods Grupo Bimbo -
y derivados
Banco Sabadell,
Financial and Ferrer & Ojeda
EXEL Spain Bitarte, Guipuzcoano 6,50
Insurance Asociados
Valores
Consultancy, Audit
GPO Ingeniería Spain DAR Group Private Shareholders -
and Engineering
Spain
Contacts
ADDRESS 1 Escoles Pies 102, ADDRESS 2 Serrano 116, ADDRESS 3 Moratín 17,
08017 Barcelona 28006 Madrid 46002 Valencia
Profile
START OF ACTIVITY | 2003 N.º OF EMPLOYEES | +200
Team
Adolf Rousaud Ignasi Costas
LEGAL ADVISORS
Managing Partner and Head of Corporate and Commercial Head of Innovation and Entrepreneurship
arousaud@rcdslp.com and Head of International Relations
icostas@rcdslp.com
About Us
RCD is a leading independent, dynamic and inno- network of alliances and ‘best friends’ agree-
vative law firm and a reference for providing ments with foreign world-class firms.
comprehensive legal advice.
Market Positioning
We are one of the law firms with the highest We are among the most active firms in the
levels of growth in the Spanish market and rank transactional market, as reflected in the main
among the top leading law firms in the country. international rankings.
Practice Areas
We customize our advice according to the needs of each client and matter and we cover all practice
areas with over 20 legal practices and strong knowledge of the main economic sectors.
Our professionals have wide experience in corporate law, corporate restructuring, drafting and
supervision of commercial contracts, M&A operations as well as in advising on the best practices for
corporate governance.
LEGAL ADVISORS
Advice to investors and venture capital firms joint ventures; legal, tax and labor due diligence
on the creation of legal collective investment procedures; constitution and establishment of
vehicles; advice on compliance with the law, subsidiaries and branches in foreign countries.
particularly before the CNMV (Spanish National
Contractual Law
Securities Market Commission); as well as on the
Advice and drafting of all types of commercial
negotiation of investment transactions and sale
contracts, both at a national and international
of investee companies. We also advise compa-
level.
nies on seed investment rounds with business
angels, and also on investments, sale operations Financial Commercial Law
and/or divestments (mergers and/or acquisition) Design and implementation of refinancing and
and IPOs (continuous stock Exchange market, debt restructuring operations.
Alternative Equity Market…).
Corporate law
M&A Comprehensive advice to partnerships, family
Advice on the definition of strategies for invest- businesses and other legal entities on all stages
ment and divestment processes; support and of their activity; continuous advice to the com-
assistance in the purchase and sale of businesses pany’s management and administration bodies.
Awards
The most prestigious international legal directories such as Chambers & Partners and Legal500 each
year highlight both our practice and lawyers for their technical strengths as well as their client service
focus. Our Venture Capital practice stands out in particular, with a Band 1 recognition in Chambers &
Partners. Moreover, for the past two years, Financial Times has featured us in its Innovative Lawyers
ranking for our innovation capabilities.
Portugal
Contacts
ADDRESS Rua General Firmino Miguel, nº EMAIL slcm@slcm.pt
3, Torre 2 – 10º
1600-100 Lisboa
Profile
START OF ACTIVITY | 1961 Nº OF EMPLOYEES | 50
Team
LEGAL ADVISORS
Luis Miguel Cortes Martins Maria Raquel Moreira PARTNER Gonçalo Reino Pires PARTNER
MANAGING PARTNER Restructuring, Litigation Real Estate, Planning
M&A, Litigation, Arbitration mrm@slcm.pt grp@slcm.pt
lcm@slcm.pt
João Tiago Morais Antunes PARTNER Mafalda Alves SENIOR ASSOCIATE
Rafael Lucas Pires PARTNER Litigation, Arbitration Tax
M&A, Corporate jtma@slcm.pt maa@slcm.pt
rlp@slcm.pt
Inês Pinheiro PARTNER Dário Moura Vicente OF COUNSEL
Martim Anahory PARTNER Employment Arbitration, Intellectual propriety
M&A, Corporate, Employment ip@slcm.pt dmv@slcm.pt
ma@slcm.pt
Miguel Pena Machete PARTNER
Francisco Barona PARTNER Public Law, Competition, Regulatory
Banking, Finance, Private Equity mpm@slcm.pt
fb@slcm.pt
About Us
Located in Lisbon, SLCM is based on multi-disciplinary dedicated teams with specializations in all busi-
ness legal practice areas, particularly in the core areas of M&A, Banking & Finance, Competition and
Regulatory Affairs and Dispute Resolution (Arbitration/Litigation).
By combining a singular focus and in-depth knowledge of the way each client works with its significant
experience in advising both domestic and international clients from a wide range of sectors of activity,
such as financial services, energy, telecoms, infrastructure, agro-industry, food & beverages, health-
care, sports & media, real estate and consumer goods, on several cross-border transactions, SLCM is
one of the most respected and reputable legal practices in Portugal.
Practice Areas
·· Corporate M&A ·· Public Law, Public ·· Competetion & Regulatory
·· Litigation & Arbitration Contracts and Public- ·· Real Estate & Planning
Partner Offices
Marimón Abogados (Spain); MG Advogados (Angola); Lilla, Huck Otranto, Camargo, Advogados
(Brazil)
International Network
DIRO (www.diro.eu); DACH (www.dach-ra.de)
Awards
On the past years, SLCM and our teams have been consistently ranked on the top tiers in the most
reputed directories (Chambers Global, Chambers Europe and Legal 500).
LEGAL ADVISORS
Highlighted Transactions
NOS, Olivedesportos,
Sport TV Portugal Media MEO Olivedesportos
Vodafone
ACE Investment
EDP Renováveis Portugal Energy EDP Renováveis The buyer
Fund II LP
Clinica Privada
Portugal Health José de Mello Saúde Mota family The buyer
de Coimbra
The financing
Grupo Elevo Portugal Construction Nacala Vallis
entities
Hotel Cabanas
Portugal Tourism Grupo Madre Private sellers The buyer
de Tavira
Portugal
Contacts
ADDRESS Rua Dom Francisco Manuel de Melo 21 EMAIL geral.portugal@srslegal.pt
1070-085 Lisbon
Branches
OPORTO Rua Tenente Valadim 215 FUNCHAL Av. Zarco 2 - 2º
4100-479 Oporto 9000-069 Funchal
Profile
START OF ACTIVITY | 1992 Nº OF EMPLOYEES | 140
Team
Pedro Rebelo de Sousa SENIOR PARTNER Maria Paula Milheirão MANAGING ASSOCIATE
rebelo.sousa@srslegal.pt maria.milheirao@srslegal.pt
Practice Areas
SRS Advogados has specialised practices in the following areas: arbitration & mediation, competition
& European Union, corporate & commercial, dispute resolution, employment & social security, energy,
environment, finance, immigration & Golden Visa, insurance & pensions, intellectual property, life sci-
ences & healthcare, M&A, private equity & venture capital, projects, public, real estate, startups, tax,
TMT, transport & shipping, and white collar crime.
SRS Advogados is also organised by the following specialist sector groups: Finance, Energy,
Infraestruture and Transport, Life Sciences, TMT/D, Real Estate and Tourism.
International memberships
Through the creation of SRS Global (Angola, Brazil, Macau, Malta, Mozambique and Singapore), as
well the creation of a strong network of international relationships with third parties, we aim to
extend our experience, expertise and services globally so as to ensure that we can respond efficiently
to complex issues with global implications.
LEGAL ADVISORS
Awards
·· Chambers Europe, the international directory, shortlisted SRS Advogados for the Chambers
Europe Awards, in the category of “Portugal Law Firm of the Year 2017”.
·· The international publication “The Lawyer”, shortlisted SRS Advogados, for the 3rd consecutive
Highlighted Transactions
·· Advising Ikea Portugal - Móveis e Decoração, Lda. on the acquisition of a large wind-farm in Portugal.
·· Advising Joaquim Chaves Saúde (leading Portuguese healthcare group) on the acquisition of Clínica Europa (private hospital in
the Lisbon area).
·· Advising Scale Venture Partners on the acquisition of a shareholding in Unbabel (a leading Portuguese technology company).
·· Advising Vallis Capital on the divestment and sale by Vallis Construction Sector Consolidation Fund.
·· Advising Fleematics on the acquisition of INOSAT (Portuguese company leader in Iberia in Software) and its subsidiaries in Brazil,
Chile and Malta.
·· Advising Repsol on two divestments of its gas business.
·· Advising ECS Capital (leading Portuguese private equity firm) as seller of 100% of The Vintage House Hotel in Lisbon to Morn-
ington Capital.
·· Advising Stags Participations and Dourdin (investment holding company of the French Louis-Dreyfus industrial group) and
Dourdin (leader in the production of automotive decoration parts) on the acquisition of a shareholding in Doureca (Portuguese
company -major supplier of decoration parts to the automotive industry).
·· Advising Pathena (Portuguese private equity firm focused on technology) on the investment in PRIMETAG (Portuguese company
specialised in social media tagging, marketing and sales business).
·· Advising Oxy Capital on the acquisition of 50% of Grupo Ceriart (leading group in the ceramics industry).
Spain
Contacts
ADDRESS Príncipe de Vergara, 187, EMAIL madrid@uria.com
Plaza de Rodrigo Uría
28002, Madrid
Profile
START OF ACTIVITY | 1946 Nº OF EMPLOYEES | 969
Team
LEGAL ADVISORS
José María Segovia Cañadas SENIOR PARTNER Luis de Carlos Bertrán MANAGING PARTNER
jose-maria.segovia@uria.com luis.decarlos@uria.com
About Us
Founded in the 1940s, Uría Menéndez has since become one of the most prestigious international
law firms. Our capacity for innovation, our profound analysis of the law and our unwavering respect
for deontological ethics have all made Uría Menéndez one of the leading firms across the Iberian and
Latin American markets.
We have almost 600 lawyers working in 17 different offices located in the most important financial
centres in Europe, the Americas and Asia. We also make up part of the first ever major Ibero-American
law firm, Philippi, Prietocarrizosa, Ferrero DU & Uría.
Uría Menéndez is there for its clients across the globe through its close ties with prestigious local
firms. In addition, through our network of best friends in Europe we are able to create cross-firm
teams with the leading firms from Germany (Hengeler Mueller), France (Bredin Prat), Germany
(Hengeler Mueller), Italy (BonelliErede), the Netherlands (De Brauw Blackstone Westbroek) and the
United Kingdom (Slaughter and May).
International Network
Lex Mundi.
of the Year
·· EXPANSIÓN LEGAL AWARDS 2017
·· Law Firm of the Year
·· Best Law Firm in Corporate and M&A
·· Best Law Firm in Banking and Finance
·· Best Law Firm in Latin America
·· Best Transaction of the Year as legal adviser to Gamesa in its merger with Siemens
·· FORBES AWARDS 2017 Best Law Firm in Spain
·· WHO’S WHO LEGAL 2017 Law Firm of the Year in Spain
LEGAL ADVISORS
Highlighted Transactions
Value
Target Country Subsector Buyer Seller
(EUR m)
Telecoms;
Telecable de
Spain Financial and Euskaltel Zegona UK 441,00
Asturias, Parselaya
Insurance
Spain
Contacts
ADDRESS c/ María de Molina 4 EMAIL madridinfo@wfw.com
28006 Madrid
Profile
START OF ACTIVITY | 1982 N.º OF EMPLOYEES | 500+ lawyers globally
Team
María Pilar García Guijarro Rodrigo Berasategui Alfredo Cabellos
MANAGING PARTNER Banking & Finance Asset Finance
LEGAL ADVISORS
About Us
·· Highly sector-focus specialized team
·· 14 offices in 11 countries
Practice Areas
Corporate / M&A, Private Equity, Capital Markets, Banking & Finance, Regulatory & Public Law, Tax,
Litigation & Dispute Resolution
Offices
Athens, Bangkok, Dubai, Frankurt, Hamburg, Hong Kong, London, Milan, Munich, New York, Paris,
Rome, Singapore
sector in 2017
·· WFW has been ranked by Inframation #3 law firm in Spain by deal count in project finance
transactions in 2017
Highlighted Transactions
·· Advising Cerberus on the initial acquisition of the 100% share capital of
·· Advising IPH SAS on the 100% acquisition of the three following companies Anglada Sub-
LEGAL ADVISORS
aged Cloud, the managed cloud business of Colt Group
Spain
Contacts
ADDRESS Paseo de la Castellana, 7 EMAIL florencia.radizza@whitecase.com
28046 Madrid
Profile
START OF ACTIVITY | March 2013 in Spain
Team
Juan Manuel de Remedios PARTNER / MANAGING DIRECTOR Carlos Daroca PARTNER
jderemedios@whitecase.com cdaroca@whitecase.com
LEGAL ADVISORS
About Us
Is a leading global law firm, uniquely positioned to assist our clients achieve their projects around
the world.
As a pioneering international law firm, our cross-border expertise and diverse team of local, US and
English-qualified lawyers consistently deliver results for our clients. In both established and emerging
markets, our lawyers are integral, long-standing members of the community, giving our clients insights
into the local business environment alongside our expertise in multiple jurisdictions.
We work with some of the world’s most respected and well-established companies, as well as start-up
visionaries, banks, governments and state-owned entities.
White & Case Spanish practice comprises a global team of more than 60 Spanish-speaking lawyers,
qualified to practice under Spanish, English and US law. We work in in-bound and out-bound transac-
tions for Spanish and international clients. Our Madrid office opened in March 2013.
·· Capital Markets
·· Banking/Finance
·· Real Estate
Emphasized Sectors
·· Infrastructure
·· Construction
·· Power
·· Technology
·· Financial Institutions
·· Real Estate
·· Telecom
Other Offices
North America:
Boston, Los Angeles, Miami, Sillicon Valley, Washington DC and Houston
Latin America:
LEGAL ADVISORS
Mexico City, São Paulo
Europe:
Astana, Berlin, Bratislava, Brussels, Bucharest, Budapest, Düsseldorf, Frankfurt, Geneva, Hamburg,
Helsinki, Instanbul, London, Madrid, Milan, Moscow, Paris, Prague, Stockholm, Tashkent, Warsaw.
Asia:
Beijing, Hong Kong, Jakarta, Melbourne, Seoul, Sidney, Shanghai, Singapore, Tokyo.
Middle East/Africa:
Doha, El Cairo, Johannesburg, Riyadh.
Spain
Contacts
ADDRESS Calle Segre, 20, 1ºE, EMAIL info@youandlaw.es
28002 Madrid
Profile
START OF ACTIVITY | 2013 N.º OF EMPLOYEES | 10
Team
LEGAL ADVISORS
Gonzalo María de Ulloa Lapetra FOUNDING PARTNER Core Jiménez Núñez ASSOCIATE
gonzalo@youandlaw.es core@youandlaw.es
About Us
The firm provides a very specialized legal advice to give satisfactory answers and solutions to compa-
nies with, corporate needs, a technological profile or with a strong presence on Internet.
The law firm was launched in 2012 in response to the legal needs of tech companies which demand
accurate legal advice with the ability of adaption to the new technologies and the needs of growth
and flexibility of this kind of companies. This need has been specially confirmed in the legal advice on
investment transactions being our law firm one of the most active legal advisors by number of trans-
actions in the Private Equity and Venture Capital within 2014, 2015 and 2016.
In particular, 54 of our practice areas are mentioned expressly in Chambers and Partners Global and
another 92 in Chambers and Partners Europe, various of which have been ranked as having the high-
est levels of excellence in the European legal market.
Highlighted Transactions
MY EXPENSES,
Spain K FUND, F.C.R.E. y Business Angels € 1.020.000
S.L. (BILLIN)
GENIOVA
Spain STRAUMANN HOLDING AG € 3.000.000
TECHNOLOGIES, S.L.
LEGAL ADVISORS
MONEYGURU SEAYA VENTURES, S.C.R., STRUCK CAPITAL,
Spain $ 7.000.000
SPAIN, S.L. NOVA FOUNDERS CAPITAL
BEONPRICE, S.L. Spain K FUND, F.C.R.E. e INVESTMENTS BUSINESS HUB, S.L. € 1.400.000
PERSEIDA
Spain INVERSIONES ORANDA, S.L., INQLAB, Inc y otros inversores € 1.000.00
INVESTMENTS, S.L.
ALCASAL SOLUCIONES
CABIEDES & PARTNERS IV S.C.R., S.A. y
DE ALIMENTACIÓN, Spain € 1.050.000
TURTLE CAPITAL & INVESTMENTS, S.L.
S.L. (WETACA)
Spain
Contacts
ADDRESS C/ Príncipe de Vergara, 55 - 4ºD EMAIL info@ascri.org
28006 Madrid
Profile
START OF ACTIVITY | 1986 Nº OF EMPLOYEES | 4
PRIVATE EQUITY & VENTURE CAPITAL
Team
José Zudaire Ángela Alférez Silvia Martín
General Director Head of Research Head of Communication
jzudaire@ascri.org angela.alferez@ascri.org silvia.martin@ascri.org
About Us
The Spanish Venture Capital & Private Equity Association (ASCRI) was born in 1986. Nowadays, it
comprises almost 100 national and international Venture Capital & Private Equity firms, almost 60
service providers and 6 institutional investors, spreading and ensuring the professional standards
among its members: transparency, good governance and best practice.
ASCRI is the industry body that units and represents the sector to the authorities, Government, insti-
tutions, investors, entrepreneurs and media. ASCRI regularly communicates and provides statistics
and updated information regarding the developments of the tax and legal framework. ASCRI also
organizes a range of activities (training courses, events and round tables) for the members and general
public in order to disseminate and reinforce the contribution of the Venture Capital & Private Equity
industry for the economy and growth of SMEs in Spain.
Area of Practice
Venture Capital & Private Equity
Spain
Contacts
ADDRESS 1 Cuesta del Sagrado Corazón, 6 ADDRESS 2 54 W 21st St -Suite 801
28016 Madrid New York NY 10010, US
Profile
START OF ACTIVITY | 2007 N.º OF EMPLOYEES | 124
FINANCIAL ADVISORS
Team
Diego García de la Peña DIRECTOR / HEAD Beatriz Egea Pérez-Carasa ANALYST Borja Fernández-Miranda ANALYST
Derivatives And Alternative Investments Alternative Investments Hedging Advisory
diego.garciadelapena@aurigasv.es beatriz.egea@aurigasv.es borja.fernandez-miranda@aurigasv.es
About Us
Auriga Capital Investments, created in April 2007, is the parent company of a financial services con-
glomerate comprehending various companies focused on providing solutions to different market
players. Auriga operates a wide range of business lines.
In Spain:
Debt Optimization via Auriga Capital Investments, Finalter and Alterfin:
·· Fixed Income: Auriga is one of the leading fixed income desks in Spain, specialized in illiquid
·· UCITS IV Auriga Investors Funds ·· Equities & Derivatives Retail Sales via iBroker
·· Fixed Income: desk focused on Structured products, and RMBS Sales & Trading.
Practice Areas
Hedging Advisory
Debt Optimization
FINANCIAL ADVISORS
Specialized in Corporate Financial Products:
Structure Optimization. ·· Receivables Financing.
·· Refinancings.
Target Clients: Private Equities, Energy, RE &
·· Private Placements.
Infrastructure funds, family offices and SMEs.
Highlighted Transactions
Grupo La Flauta Spain Food & Beverages GPF Capital GPF Capital
Spain
Contacts
Profile
START OF ACTIVITY | 1979 N.º OF EMPLOYEES | +190
CONSULTANCY & AUDIT
Team
Alex Wendt PARTNER
awendt@bakertilly.es
About Us
A national coverage firm which have been almost 40 years offering a wide range of professional ser-
vices to SME sand multinational companies operating in all economy sectors.
Our multidisciplinary teams, formed by highly specialized and multilingual professionals, have a
natural predisposition to listen our customers concerns, which allow us to understand their real nec-
essaries and offer tailor-made solutions.
Practice Areas
·· Audit & Assurance ·· HR & Payroll ·· Tax Consulting
·· Corporate Finance ·· Legal
Highlighted Transactions
Emerald Health
Vivacell Biotechnology España, SL Spain Pharma & healthcare Private Investors
Pharmaceutics Inc
SHOP APOTHEKE
Farmanatur Productes, S.L. Spain Pharma & healthcare Private Investors
SERVICE B.V.
VENPHARMA LABORATORIOS SA. Spain Pharma & healthcare Private Investor Private Investors
Spain
Contacts
ADDRESS BBVA City WEBSITE www.bbvacib.com
C/ Sauceda 28
28050 Madrid
Profile
Team
FINANCIAL ADVISORS
About Us
BBVA is a reference M&A adviser in Spain providing financial advisory services among all sectors
(excluding FIG) and with a remarkable track-record specially in the power & utilities, oil & gas, con-
struction & infrastructure, consumer & retail, TMT and real estate sectors. Our activities cover all
client segments needs from large international companies to middle market with a wide expertise in
cross-border transactions and in attracting foreign investment flows into Spain.
Our team has built one of the strongest M&A franchises in Spain with over 117 deals advised since
2009 leading league tables and demonstrating year after year our execution capabilities and know-
how in a wide variety of local and cross-border transactions. Furthermore, we distinguish ourselves
not only for the number and varied profile of our deals but also for the quality of our pipeline with a
leading position in sell-side assignments having advised in 67 transactions with Spanish target over
the las 5 years.
Additionally, we are also present in other geographies with a team of 40 proffessionals located across
Mexico, Peru, Colombia, Chile and USA.
Awards
·· Mergermarket “Spain’s Financial Adviser of the year” - Winner in 2016, 2014 and 2011
·· Global Finance “Best Investment Bank in Spain” - Winner in 2016, 2015, 2014, 2013, 2012 and 2011
·· Euromoney Awards for Excellence “Best M&A House in Spain” Winner in 2014 and 2012
·· Finance Europe Banking Awards “Best Investment Bank in Spain” Winner in 2014 and 2012
Vinícola de Navarra
FINANCIAL ADVISORS
Spain Consumer Manzanos Enterprises Pernod Ricard Confidential Pernod Ricard
and Siglo
Encampus Residencias
de Estudiantes
Azora, Artá Azora, Artá
S.A., Siresa Campus
AXA IM – Real Capital, March Confidential Capital, March
Sociedad de Inversión Real Estate;
Spain Assets, CBRE GIP Campus EUR 400m Campus
Inmobiliaria S.A., Siresa Infrastructure
and Greystar and Mutua (**) and Mutua
Campus Noroeste S.L.
Madrileña Madrileña
and Residencias de
Estudiantes S.A.("Resa")
Dollken-
Alantra Private Alantra
Probos - Plasticos, S.A. Portugal Consumer Kunststoffverarbeitung EUR 99 m
Equity Private Equity
GmbH
Natural Gas
REN - Redes EDP - Energias
EDP Gás S.G.P.S., Infrastructure, EDP - Energias
Portugal Energeticas Nacionais, EUR 532 m de Portugal
S.A. (EDP Gás) Energy de Portugal S.A.
SGPS, S.A. S.A.
Industry
Alvinesa Alvinesa
Alvinesa Alcoholera
Alcoholera Alcoholera
Vinícola, S.A. Spain Consumer Artá Capital ("Artá") Confidential
Vinícola, S.A. Vinícola, S.A.
("Alvinesa")
("Alvinesa") ("Alvinesa")
Grupo A. Silva
& Silva, Haitong
Macquarie
Macquarie Bank SA, and Confidential
Empark Aparcamientos Car Parks; Infrastructure
Spain Infrastructure and Transport EUR 1.0
y Servicios, S.A. Spain Infrastructure and Real Assets
Real Assets (“MIRA”) Infrastructure Bn (**)
("MIRA")
Investment
Company (TIIC)
Spain
Contacts
ADDRESS C/ Emilio Vargas, 4. WEBSITE www.bnpparibas.es
28043 Madrid
Team
Luis Sancho HEAD OF GLOBAL BANKING SPAIN
About Us
BNP Paribas is one of the largest and most stable financial institutions in the world with a presence in
FINANCIAL ADVISORS
74 countries and close to 192,400 employees. In Corporate & Institutional Banking and International
Financial Services activities, BNP Paribas enjoys top positions in Europe, a strong presence in America
and solid and fast-growing businesses in Asia-Pacific. BNP Paribas Corporate & Institutional Banking
provides services around the world to 13,000 corporate and institutional clients with more than
30,400 employees and 220 business centres in 57 countries. BNP Paribas CIB is a globally recognised
leader, named “World’s Best Bank for Corporates” in 2017. In Spain, BNP Paribas is the leading inter-
national bank by revenues and volume of assets.
Practice Areas
BNP Paribas holds a unique positioning in the rendering of Corporate Finance advisory services for
large and medium sized corporates.
BNP Paribas is specialized in complex Mergers and Acquisitions (“M&A”) and Equity Capital Markets
(“ECM”) deals that transform corporates in deep levels, which require a bank able to provide diverse
capacities on both the financing and equity sides (either through M&A or ECM solutions), offering as
well deep industrial knowledge, global reach and a wide range of products, all of it underpinned by an
unparalleled access to a wide universe of debt and equity investors.
Awards
World
Spain :
·· M&A: Nº 2 by Value of completed deals in M&A in Iberia in 2017, according to Mergermarket
·· IG Corporate Bonds:Nº1 by nº of deals and Public New Issues, Nº3 in total distribution in 2017
·· Nº1 International bank MLAs by Nº deals in 2017
Highlighted Transactions
FINANCIAL ADVISORS
Transaction
(Coltel) Ministry of Finance
Novo Banco (75%) Portugal Financial Sector Lone Star Funds Banco de Portugal 1.000
Computers &
Accelya Spain Warburg Pincus Llc Chequers Capital 650
Electronics
Aviva Vida Y
Pensiones; Caja
España Vida; Unicorp Spain Insurance Santalucia Seguros Aviva Plc 475
Vida Compania De
Seguros Y Reaseguros
Magnum Capital
Iberchem Sa Spain Chemicals Eurazeo Sa 405
Industrial Partners
Nueva Condomina
Spain Real Estate Klepierre BNP Paribas 233
Shopping Center
Gamesa
Adwen Offshore Offshore Wind
Spain Corporacion Areva 219
Sl (50%) Turbines
Tecnologica Sa
SARQUAVITAE ‘S
Spain Real Estate Eurosic Lagune Homevi 116
Properties Company
Spain
Contacts
ADDRESS C/ José Ortega y Gasset 29, WEBSITE http://www.citigroup.com/citi/
2nd Floor, about/countrypresence/spain.html
28006, Madrid
Profile
Team
FINANCIAL ADVISORS
About Us
Citi has had a presence in Spain since 1919 and was one of the first foreign banks to establish an
office in the country. In 1983, Citi acquired Banco de Levante (Citibank España, sold to Banco Popular
in 2014). Salomon Brothers opened its first office in Madrid in 1988, and Schroders established its
Spanish headquarters in Madrid in 1990. In 1997, Smith Barney merged with Salomon Inc. to form
Salomon Smith Barney. Citi merged Salomon Smith Barney with Schroders Plc in 2000, creating a
leading pan-European investment bank.
Citi has always had a firm commitment to Spain and proudly serve local communities every day. Citi
is the preferred financial partner for Spanish and global institutions, as well as the leading provider in
investment banking, capital markets, transactional services and private banking businesses.
Practice area
Covering all sectors and products:
·· M&A / Markets and Securities Services business provides world-class financial prod-
ucts and services to corporations, institutions, and investors Citi serves in Spain.
tutional clients, from inaugural issuances and exchanges to cross-border transactions and first-of
their-kind landmark structures. Citi Spain is the first choice among issuers for clients’ underwrit-
ing needs owing to Citi’s unmatched global footprint and diverse range of financial products.
·· Treasury and Trade Solutions business provides integrated cash management and trade
finance services to multinational corporations operating in Spain with the industry’s most
comprehensive suite of digital and mobile-enabled platforms, tools and analytics.
·· Private Banking team of professionals deliver private banking and wealth management
services to high net worth individuals and families. From banking and cash management
to lending, investment strategies, and trust and wealth advisory services, Citi is in Spain to
support its clients with a comprehensive range of services. Citi’s goal is to deliver exper-
tise and a premier level of service while helping grow, manage and preserve wealth.
Awards
·· Euromoney – Best Investment Bank in Spain
Highlighted Transactions
FINANCIAL ADVISORS
Target Country Subsector Buyer Seller Value
(EUR)
Peninsula
Springwater,
Aernnova Spain Aerospace Capital, Torreal, N/A
Management Team
Towerbrook
Banco Santander,
Hellman & General Atlantic,
Allfunds Spain FIG 1.8bn
Friedman / GIC Intesa Sanpaolo,
Warburg Pincus
Spain
Contacts
ADDRESS Torre Picasso EMAIL deloitte@deloitte.es
Plaza Pablo Ruiz Picasso 1,
28020 Madrid
Profile
START OF ACTIVIT | 1987 N.º OF EMPLOYEES | 520
Team
FINANCIAL ADVISORS
Enrique Gutiérrez MANAGING PARTNER Jaime Gómez-Pineda PARTNER Amir Sarshar PARTNER
Financial Advisory M&A Transaction Forensic & Dispute Consulting
egutierrez@deloitte.es jgomezpineda@deloitte.es asarshar@deloitte.es
Tomás de Heredia PARTNER Jordi Vall Carbonell PARTNER Enrique Domínguez PARTNER
Corporate Finance M&A Transaction Restructuring and Value Creation Services
tdeheredia@deloitte.es jvall@deloitte.es edominguez@deloitte.es
José Manuel Lasa PARTNER Cristina Cabrerizo PARTNER Arturo Gayoso PARTNER
Corporate Finance Financial Advisory Restructuring and Value Creation Services
jlasa@deloitte.es ccabrerizo@deloitte.es agayoso@deloitte.es
José Antonio Olavarrieta PARTNER Rafael Arcas PARTNER Javier Giral PARTNER
Corporate Finance Real Estate Financial Advisory - North Region
jolavarrieta@deloitte.es rarcas@deloitte.es jgiral@deloitte.es
Alejandro González de Aguilar PARTNER Javier García-Mateo Morales PARTNER Gerardo Yagüe PARTNER
Debt, Capital & Treasury Advisory Real Estate Financial Advisory - East Region
agonzalezdeaguilar@deloitte.es jgarciamateo@deloitte.es gyague@deloitte.es
Juan Ramón Rodríguez PARTNER Jesús F. Valero PARTNER Miguel Laserna PARTNER
M&A Transaction Economics, Valuation & Modelling Infrastructures Advisory
jrodriguezlarraz@deloitte.es jfvalero@deloitte.es mlaserna@deloitte.es
Óscar Arroyo PARTNER Emilio Zurilla PARTNER Daniel Ramos Morales PARTNER
M&A Transaction Economics, Valuation & Modelling Infrastructures Advisory
oarroyorevilla@deloitte.es ezurilla@deloitte.es dramosmorales@deloitte.es
With the aim of providing effective and customised advice, we focus on industry specialisation allow-
ing us to adapt to our client needs. Our team has extensive knowledge within all transactional areas
and expertise in developing projects with the largest national and international companies.
We are part of an international network present in over 150 countries enabling us to share substantial
information and to be on top of the latest global trends and policy developments.
Practice Areas
Corporate finance; Debt, Capital & Treasury Advisory; M&A transaction services; real estate advisory;
infrastructures advisory; restructuring and value creation services; economic consulting, valuation
and modelling; forensic and dispute consulting services.
Highlighted Transactions
FINANCIAL ADVISORS
Amount
Target Country Subsector Buyer Seller
(EURm)
Investcorp, Acionistas
Lone Star Funds Particulares Espanha
Esmalglass Spain Ceramics 605
(Global) I, Intermediate Capital
Group (ICG)
OTPP - Ontario
Grupo Mémora, Spain Funerary
Teachers' 3i Group (Global) 450
Servilusa Portugal agencies
Pension Plan
Axa Investment
Managers-Real Artá Capital, Grupo
Resa (Residencias
Spain Real Estate Assets, CBRE Global Mutua Madrileña, 388
de Estudiantes)
Investment Partners Azora, March Campus
(GIP), Greystar
Castellano
Cortefiel, MEP Fashion;
Spain Investments, Masaria Permira 358
Retail España Retail
Investments
Tensile Capital
Keraben Grupo Spain Ceramics Victoria Management, Private 274
Shareholders
Spain
Contacts
ADDRESS Avda. Ramón y Cajal, 34 EMAIL confidencial@emmergia.com
28016 Madrid
Profile
Team
Pablo Martí Sánchez MANAGING PARTNER Alberto Rojas SENIOR ADVISOR
pmarti@emmergia.com arojas@emmergia.com
About Us
Emmergia Corporate Finance is a company specialized in advising on M & A transactions, with more
than 15 years experience and more than 100 transactions advised. It is part of the international net-
work of M & A advisers, CDI Global, present in more than 30 countries.
International memberships
CDI GLOBAL
FINANCIAL ADVISORS
Cxiome Spain Fractalia Private Investors
Spain
Contacts
ADDRESS Avenida Diagonal, 361, 2º 2ª EMAIL info@eurohold.com
08037 Barcelona
Profile
N.º OF EMPLOYEES | The firm has a team of 50 people
START OF ACTIVIT | 1989 working in Spain, France, Switzerland, Germany, Turkey,
Russia, Belarus, South Africa, China, United Kingdom,
Mexico, Morocco, Portugal, USA and Japan.
FINANCIAL ADVISORS
Team
Jean-François Alandry Bernard Demode MANAGING PARTNER Bruno Tourme MANAGING PARTNER
FOUNDER & MANAGING PARTNER France UK
jfa@eurohold.com
Oliver Gottstein MANAGING PARTNER Joaquín Alcalá MANAGING PARTNER
Pascal Vieilledent Germany Mexico
FOUNDER & MANAGING PARTNER
pv@eurohold.com Dilek Ilhan MANAGING PARTNER Mehdi Ziady MANAGING PARTNER
Turkey Morocco
Ignacio Loring MANAGING PARTNER
Madrid Vitali Dasinevich MANAGING PARTNER Carlos Duarte MANAGING PARTNER
Russia & cis countries Portugal
Miguel Iraburu MANAGING PARTNER
Madrid Pauline Houl MANAGING PARTNER Carles Cabre MANAGING PARTNER
China USA
Christophe Espin MANAGING PARTNER
Madrid Patrick Camps MANAGING PARTNER Yoshihito Oike MANAGING PARTNER
South Africa Japan
François Fauran MANAGING PARTNER
Switzerland
About Us
The firm was founded in 1989 as a Corporate Finance Consulting Company, and it is nowadays one of
the most active Mergers & Acquisitions Companies in Spain. Eurohold relies on strong ethical values,
a clear Mid-Cap orientation, a focus on cross-border transactions, and an ability to generate transac-
tions thanks to deep sectors knowledge.
Leader in Spain in number of Mid-Cap transactions over the last years, Eurohold has created its own
international network which is constantly growing in order to accompany its clients worldwide. The
team of professionals that forms Eurohold combines Corporate Finance specialists and industrial
·· B2B Services
·· Finance
Highlighted Transactions
FINANCIAL ADVISORS
L’Alba Camping Spain CapFun France Purchase of 100% of capital
Caravaning
Spain CapFun France Purchase of 100% of capital
La Manga
Purchase of 100% of
Fullgas Spain Alvic Spain
capital of IT division
Potugal
Contacts
ADDRESS Av. Republica, 90 - 3º EMAIL ernst.young@pt.ey.com
1649-024 Lisboa, Portugal
Profile
N.º OF EMPLOYEES | We currently have about 90 pro-
START OF ACTIVIT | 1849, in Portugal since 1971
fessionals in the Transaction Advisory Services (TAS)
Department in Portugal.
Team
CONSULTANCY & AUDIT
About Us
We are 250,000 people based in 728 offices in confidence in the capital markets and in econ-
150 countries, organized into 28 Regions and omies the world over. We develop outstanding
four Areas. leaders who team to deliver on our promises to
all of our stakeholders. In so doing, we play a criti-
All of our people work in one of our service lines
cal role in building a better working world for our
– Assurance, Advisory, Tax, Transaction Advisory
people, for our clients and for our communities.
Services (TAS) – or in Core Business Services
(CBS) which provides internal operational sup- Our values define who we are. They influence
port such as HR and IT services. the way we work with each other, our clients
and regulators, and our communities, where we
EY is committed to doing its part in building a
use professional skills to create positive change
better working world. The insights and qual-
close to home and around the world.
ity services we deliver help build trust and
TAS has three sub-service lines: Transaction Support, Capital Transformation and Transaction Tax.
EY Portugal has 1,000 professional based on 3 offices located in Lisbon, Porto and Luanda in Angola.
Highlighted Transactions
CapWatt,
Ventos da Serra and Lusobrisa Portugal Power and Utilities Tecneira 34.5
SGPS, S.A.
Optivisão – Óptica, Serviços Consumer Products Erich Brodheim, Alain Afflelou and
Portugal ND
e Investimento, S.A. and Retail S.A. Private Investors
Professional
QLS Automotive Portugal Exact Systems Private Investors ND
Firms & Services
ARDMA -
Herdade da Comporta FIIF Portugal Real Estate Rio Forte ND
SGPS, Lda
Medicina
Vallis Capital
Consumer Products Laboratorial -
CGC Genetics Portugal Partners and ND
and Retail Doutor Carlos
Private Investors
da Silva Torres
WElink Energy
Morningchapter, S.A. Portugal Power and Utilities Solaer Group ND
(U.K.) Limited
F. Ramada
Medicina
Investimentos,
Consumer Products Laboratorial -
Grupo Base Portugal G-immo BV, ND
and Retail Doutor Carlos
Cofihold and
da Silva Torres
other investors
Grupo José
Grupo Doca de Santo Portugal Real Estate Private Investors ND
Avillez, Lda.
Spain
Contacts
MADRID GVC Gaesco Madrid BARCELONA GVC Gaesco Barcelona
Torre Serrano. Dr. Ferran, 3-5,
Marqués de Villamagna, 3, 08034, Barcelona
4th Floor, 28001, Madrid
TELEPHONE (+34) 91 431 56 06 TELEPHONE (+34) 93 366 27 27
Branches
ADDRESS 1 GVC Gaesco Beka, S.V., S.A. ADDRESS 2 GVC Gaesco Gestión, S.G.I.I.C., S.A.
Torre Serrano. Dr. Ferran, 3-5,
Marqués de Villamagna, 3, 08034, Barcelona
4th Floor, 28001, Madrid
ADDRESS 3 GVC Gaesco Pensiones, S.G.F.P., S.A. ADDRESS 4 GVC Gaesco Correduría de Seguros, S.A.
Dr. Ferran, 3-5, 08034, Barcelona Dr. Ferran, 3-5, 08034, Barcelona
EMAIL info@gvcgaesco.es
Profile
START OF ACTIVITY | 1971 N.º OF EMPLOYEES | 150
Team
Jesús Muela
DEPUTY GENERAL MANAGER
jesus.muela@gvcgaesco.es
About Us
GVC Gaesco is one of the main independent financial groups in Spain, with over 60 years history.
The Corporate Finance - Capital Markets - Advisory Unit has executed since 2010 more than
60 transactions worth more than EUR 36 Bn.
CNMV Registered Entity under number 182. Member of Barcelona, Madrid, Valencia, Paris,
Amsterdam, Brussels, Lisbon and Frankfurt Stock Exchanges. MEFF, AIAF, Iberclear and Euroclear
custodian and clearing Member. Entity Delegated by the Bank of Spain. MAB and MARF Registered
Advisor. Founding partner and member of the European Securities Network (ESN). GAP partner for
the European Union and Latin-America
Practice Areas
GVC Gaesco offers a large group of services: Corporate Finance & Capital Markets, Research, Advisory,
Wealth Management and Private Banking Brokerage and Custody, and Insurance Brokerage.
International memberships
·· ESN – European Securities Network
·· GAP – Global Alliance Partners
Awards
Research Mutual Funds
2017 · A
ccording to Thomson Reuters rankings 2017 · F und: GVC Gaesco Small Caps, FI, Category:
GVC Gaesco Beka (ESN Partnership) ranks Among the Top 10 of the most profitable
Nº 2 among the Top Award-Winning Brokers Spanish Mutual Funds 2017.
for Iberia, based on the number of analysts Fund: Bona-Renda, FI Category: Among the
nominated for Top Earnings Estimators Top 10 of the most profitable Spanish Mixed
FINANCIAL ADVISORS
and Top Stock Pickers. Our analysts ranked Mutual.
highly in the following sectors: Fuel & Fund: GVC Gaesco TFT, FI Category: The most
Utilities; Consumer Products & Services; profitable Sectoral Spanish Mutual Fund 2017.
Real Estate; Metals, Materials & Supplies;
Industrial Products & Services. May 2017.
Extra information
·· 15 offices and more than 26,000 Clients
·· 100 analysts through ESN (European Securitites Network)
·· 34 Mutual Funds (3 in Luxembourg) / 45 SICAVs / 8 Pension Funds
·· 3 Venture Capital Companies
·· 1st Fund of Funds registered in the CNMV: GVC Gaesco Fondo de Fondos (1997)
·· GVC Gaesco Renta Fija is the 5th oldest Investment Fund in Spain (1986)
Highlighted Transactions
Inmobiliaria del Sur Spain Real Estate Debt Capital Markets: Bond Issue 20
Portugal
Contacts
ADDRESS Rua Eugénio de Castro, 352, EMAIL corporate@insignyacapital.com
2.º, S28, 4100-225
Porto, Portugal
Profile
START OF ACTIVITY | 2014
FINANCIAL ADVISORS
Team
Miguel Oliveira
PARTNER
miguel.oliveira@insignyacapital.com
Rui Lusquinhos
ANALYST
rui.lusquinhos@insignyacapital.com
Diogo Rocha
ANALYST
diogo.rocha@insignyacapital.com
About Us
Insignya is a newly independent investment bank focused on providing financial advice
on mergers, acquisitions, restructurings, financings and capital raising to corporations,
partnerships and institutions.
·· Capital Advisory
Highlighted Transactions
FINANCIAL ADVISORS
Spain
Contacts
ADDRESS 1 Pº de la Castellana 259 C ADDRESS 2 Plaça d’Europa 41-43
28046 Madrid L’Hospitalet de Llobregat
08908 Barcelona
TELEPHONE (+34) 914 563 400 TELEPHONE (+34) 932 532 900
WEBSITE www.kpmg.es
Profile
START OF ACTIVITY | 1971 N.º OF EMPLOYEES |
Over300 in Deal Advisory at
KPMG in Spain
CONSULTANCY & AUDIT
Team
Ignacio Faus Carlos Rodriguez de Rivera PARTNER Javier Ibañez PARTNER
DEPUTY CHAIRMAN / HEAD PARTNER
Carlos Rubí PARTNER Alfonso Junguitu PARTNER
Deal Advisory at KPMG in Spain
Javier López Torres PARTNER
Debt Advisory
Corp orate Finance
Gonzalo Montes HEAD PARTNER Transaction Services
Jorge Rioperez HEAD PARTNER
Jordi Castiñeira PARTNER David Höhn HEAD PARTNER
Sergio Mas-Sardá PARTNER
Ovidio Turrado PARTNER Manuel Carrera PARTNER
Manuel Santillana PARTNER
Miguel Ángel Castello PARTNER
Eloy Serrano PARTNER
Deal Strategy & Post-deal Fernando García Ferrer PARTNER
David Samu HEAD PARTNER
Corp orate Finance for Financial José González-Aller PARTNER
Services & Real Estate Miguel Ángel Martín Aguado PARTNER
Fernando Maldonado
Capital Markets
Noelle Cajigas HEAD PARTNER Miguel Montero PARTNER
GENERAL DIRECTOR HEAD
Jaime Muñoz Estrada PARTNER
Manuel González-Mesones PARTNER
Restructuring Manuel Parra PARTNER
Sergio Nuñez Valpuesta PARTNER
Ángel Martín HEAD PARTNER Beltrán Romero Cervilla PARTNER
Borja Peñas de Bustillo PARTNER
Luis García Laynez PARTNER
About Us
We are trusted advisors and we work pro-actively with management teams and members of the
board throughout the acquisition and economic cycle, rendering global services and working in an
integrated manner.
Through our global firms’ network we offer high knowledge and experience in national and interna-
tional markets.
In the current market context marked by an increasing M&A activity trend initiated in Spain in 2015,
KPMG was the leading financial advisor based on the number of completed transactions in 2017 world-
wide, both by Thomson Reuters and Mergermarket and in Europe by Mergermarket (January 2018).
Highlighted Transactions
Inveready Capital,
iSalud Spain Technology CNP Partners Mediaset España, Private 30,00
Financial and
BPI Vida e Pensões Portugal VidaCaixa Banco BPI 135,00
Insurance
Pharmaceutical,
Orliman Spain Parapharmaceutical Cinfa Magnum Capital N/A
and Cosmetics
Healthcare,
Abac Solutions
Hygiene, Medical
Grupo Pronokal Spain (SCA), Private - 50,00
Aesthetics and
Shareholders
Cosmetics
Spain
Contacts
ADDRESS Velázquez, 55 - 5º EMAIL norgestion.mad@norgestion.com
28001, Madrid
Branches
BARCELONA Paseo de Gracia, 7 BILBAO Gran Vía, 29 - 5º
08007, Barcelona 48009, Bilbao
EMAIL norgestion.pa@norgestion.com
Team
Luis Ignacio Lizarraga PRESIDENT Íñigo Bilbao PARTNER
ibilbao@norgestion.com
José Antonio Barrena PARTNER, GENERAL MANAGER
jbarrena@norgestion.com Íñigo Garmendia PARTNER
igarmendia@norgestion.com
Fernando Fernández de Santaella PARTNER & MANAGING DIRECTOR
ffsantaella@norgestion.com Jokin Azurza PARTNER
jazurza@norgestion.com
Maarten De Jongh PARTNER & MANAGING DIRECTOR
dejongh@norgestion.com Jon Ander Munduate PARTNER
jmunduate@norgestion.com
Igor Gorostiaga PARTNER & MANAGING DIRECTOR
igorostiaga@norgestion.com Mario Senra PARTNER
msenra@norgestion.com
Bruno Ruiz Arrue PARTNER & MANAGING DIRECTOR
brarrue@norgestion.com Oscar Sánchez PARTNER
osanchez@norgestion.com
Ane Alkorta PARTNER
aalkorta@norgestion.com Yon Arratibel PARTNER
yarratibel@norgestion.com
About Us
Bespoke professional advice. We work closely alongside our clients whether they are family busi-
nesses, industrial and financial companies, or multinationals in a wide range of sectors.
Practice Areas
Special Situations
Management & Advisory Corporate Finance Legal and Tax Advisory Investment Advice
·· Interim Management ·· M&A (Mergers and ·· Company & ·· At Norgestion Asset
·· Operational Acquisitions) Business law Growth EAFI we have
Restructuring ·· Capital Markets ·· Tax advisory a team of qualified,
·· Operational ·· Debt Advisory ·· Bankruptcy and knowledgeable
and Profitability proceedings professionals with
·· Management
improvement proven experience.
Consultancy ·· International law
·· Business Growth and ·· M&A transactions
Transformation
·· Debt Advisory
·· Investment advisory
FINANCIAL ADVISORS
International memberships
We are co-founders of: Megers Alliance (www.mergers-alliance.com) and the Wil Group (www.wilgroup.net).
Highlighted Transactions
Spain
Contacts
ADDRESS Gran Via de Hortaleza, 3. EMAIL jorbea@gruposantander.com
28033 Madrid
Profile
START OF ACTIVIT | 1857 N.º OF EMPLOYEES | 30 M&A professionals in Spain
Team
FINANCIAL ADVISORS
Ruben Rodriguez Gallego ENERGY IBERIA Eduardo Muñoz Fernández-Velasco MIDMARKET IBERIA
ruberodriguez@gruposantander.com eduardo.munoz@gruposantander.com
About Us
Banco Santander is the leading M&A house in Spain and Portugal with strong execution capabilities.
Vastly experienced team, with a significant number of professionals exclusively dedicated to M&A
deals in Iberia. Culture of client service with deep sector expertise.
Practice Areas
Domestic and international transactions including acquisitions, divestitures, mergers, joint ventures,
recapitalizations, spin-offs, exchange offers, leveraged buyouts and takeover defense.
International Network
Strong cross-border capabilities thanks to our international network with global presence through
our M&A teams in Mexico, Colombia, Brazil, Chile, Argentina, UK, France, Italy, Germany, Poland and
APAC.
·· Global Capital - Best Equity Capital Raising by a Listed Company: Banco Popular’s € 2.5bn rights issue
·· Global Capital - ECM Deal of the Year in Iberia: Banco Popular’s € 2.5bn rights issue
·· Latin Finance - Cross-Border M&A Deal of the Year: State Power Investment Corp/Pacific Hydro
Highlighted Transactions
Roads and
OHL Concesiones Spain Highways; IFM Investors OHL 2.775,00
Ports; Airports
Voluntary tender
Roads and
offer for 100% share Spain Atlantia - 16.860,00
Highways
capital of Abertis
FINANCIAL ADVISORS
Interligação Elétrica
Brazil Electric Energy - Isolux Corsán Confidential
Norte e Nordeste
Construction
Grupo Hurtado
Cemento Polpaico Chile (Materials and LafargeHolcim Confidential
Vicuña
Machinery)
Fotosolar Spain Solar Energy Helia Renovables EDF Energies Nouvelles Confidential
Tourism, Hotels
Grupo Armando
Innside Madrid Génova Spain and Restaurants; Inversiones Gasolgest Confidential
Álvarez
Real Estate
Automotive and
Portobello
Centauro Rent a Car Spain Recreational; Private Investors Confidential
Capital
Vehicles
Wind Energy,
Ancora Portugal First State Ventinveste, Ferrostaal Confidential
Electric Energy
Hellman &
Financial and
Allfunds Bank Spain Friedman; Banco Santander 470,00
Insurance
GIC Realty
Spain
Contacts
ADDRESS Calle Lagasca 88 - Planta 3 EMAIL vlecha@llorenteycuenca.com
28001 Madrid
Profile
START OF ACTIVITY | 1995 N.º OF EMPLOYEES | 482
COMMUNICATION CONSULTANCY
Team
José Antonio Llorente FOUNDING PARTNER / PRESIDENT Jorge López Zafra
jallorente@llorenteycuenca.com FINANCIAL COMMUNICATIONS SENIOR DIRECTOR
jlopez@llorenteycuenca.com
Arturo Pinedo PARTNER / GENERAL DIRECTOR FOR IBERIA
apinedo@llorenteycuenca.com Meritxell Pérez de Castro-Acuña
INVESTOR RELATIONS DIRECTOR
Goyo Panadero PARTNER / GENERAL DIRECTOR FOR IBERIA
mperez@llorenteycuenca.com
gpanadero@llorenteycuenca.com
About Us
The firm is the leading Reputation, Communication and Public Affairs management consultancy in
Spain, Portugal and Latin America. It has 22 partners, 20 of which are professional and two financial
and 482 professionals who provide strategic consultancy services to companies in all sectors, with
operations geared towards the Spanish and Portuguese-speaking world.
It has its own offices in en Europe; Spain (Barcelona, Cink, Impossible Tellers and Madrid), in Latin
America; Argentina (Buenos Aires), Brazil (Río de Janeiro and São Paulo), Colombia (Bogota), Cuba
(La Habana), Chile (Santiago de Chile), Ecuador (Quito), Mexico (Mexico City), Panama (Panama), Peru
(Lima) and Dominican Republic (Santo Domingo); and United States; Miami and New York.
Our international development earned us the 54th position on the Global Ranking of the most import-
ant communications firms in the world in 2016 – a leader board drawn up by The Holmes Report.
LLORENTE & CUENCA is the leader in Corporate and Financial Communications in Spain, developing
coherent and consistent communication strategies to help its clients to interact with markets in all
kinds of situations. The firm adapts highly specialized teams in Financial Communications with experts
in relations with regulators and authorities, as well as specialists in Information and Communications
Technology.
LL&C has been recognized in the Global Sabre Awards as “Best Consultancy of Financial Communications
in the World” in 2013. This makes us the only Spanish communications consultancy firm to receive this
award, granted by the Holmes Report.
Corporate and Financial Communications with more than 950 professionals which stands annually at
the top of the global rankings of advisers in corporate transactions. The companies that comprise AMO
advised in 223 corporate transactions last year, which reached a total of $300 billion, more than any other
network or agency in 2015.
COMMUNICATION CONSULTANCY
and Executive Coaching in Communication.
Highlighted Transactions
Total Value
Target Country Subsector Buyer Seller
(EURm)
Healthcare, Hygiene,
The Beauty
Spain Medical Aesthetics Douglas Bayside Capital -
Bell Chain
and Cosmetics
Total Value
Issuer Country Subsector Type Stock Exchange / Ticker
(EURm)
Mercado Alternativo
Robot Spain Technology IPO 11,80
Bursatil (MAB) / RBT
Acknowledgements
Index of
Entities
Symbols Actis 1, 65–66
21 Buttons 1, 112 Active Venture Partners 1, 49, 91–93, 119
360 Capital Partners 1, 91, 112 Acuinova Actividades Piscícolas 1, 182
3ANTS 1, 123 Ad4ventures Spain 1, 93
3i Group 1, 113, 139, 210, 212 Adara Ventures 1, 91
3Shoppings 1, 138, 179, 193, 210 AddVenture 1, 93
4|5|3 Law Firm 1, 8, 14, 17, 20–25, 27–30, 32–33, ADE Capital Sodical 1, 91
36–37, 40–41, 43–44, 47–49, 51–52, ADIRA 1, 151, 184
54, 57, 62–66, 68–73, 75–76, 78–82, ADTZ 1, 123
85–93, 97–104, 107–124, 126–128, Aernnova 1, 97, 99, 113–114
133, 136–141, 143–148, 150–151, AFA SGPS 1, 204
153–154, 156, 159–161, 163–164, 166, Aggeris Venture Capital 1, 91
169, 174–181, 183–187, 190–192, 194, Agile Pharma 1, 75, 187, 191, 207, 209
196, 199–200, 203–205, 207–213 Agnoli Giug 1, 187
500Startups 1, 91, 93, 199 AGRO Merchants Group 1, 213
5M Ventures 1, 93 Agro2Agri 1, 71
80 Més 4 Publicacions 1, 100 Agroop 1, 161
Agua y Ciudad Entrepreneurship Investments 1, 49
A
Aguirre Newman 1, 104
AAA Advogados 215
Aier Eye Hospital Group 1, 109
Abac Solutions (SCA) 84
Aier Eye International (Europe) 106, 147
Abanca 1, 64, 99, 104, 112, 117, 127
AIMCo 1, 64, 99, 104, 112, 117, 127
Abderrahim Zniber Group 1, 110
AIMIA Holdings UK 1, 119
Abertis 1, 24, 32, 103
Ajinomoto OmniChem 1, 71
About 1, 151, 197
Akfen Holdings 1, 24, 108
Abreu Advogados 1, 22, 138–139, 179, 195, 197,
Akina Partners 1, 91
206–207, 213
Alantra 1, 22, 37, 84, 88, 96–97, 183, 203–204, 208–209
A-Capital Activos Empresariales 1, 74, 120
Alantra Partners 1, 84, 183, 203, 208–209
Accelya 1, 40, 84, 99, 110, 116
Alantra Private Equity Fund III 1, 204
Accelya Holding 1, 40, 84, 99, 110, 116
Allen & Overy Spain 1, 23–24, 40, 63–64, 69, 72, 107–108
Accenture 1, 22
Allen & Overy UK 1, 193
Access Biologicals 1, 123
Allfunds Bank 1, 23, 40, 80, 98–99, 116–117, 122, 127
ACCIONA 1, 22, 68, 84, 118
Alma Mundi Ventures 1, 91
Acciona Concesiones Chile 1, 118
Almaz Capital 1, 91
Acciona Construcción Agencia Chile 1, 118
Alqui Construcción Cataluña 1, 105
Acciona Geotech Holding 1, 84
Alta Life Sciences 1, 49
Acciona Ruta 160 1, 118
AltaFit 1, 97
Accriva Diagnostics 1, 75, 86, 102, 126
Alticom 1, 98
ACE & Co 1, 163, 193, 199
Alua Hotels & Resorts 1, 37
ACE Investment Fund 1, 139, 175, 212
Alvinesa 1, 120
ACE Investment Fund II 1, 139, 175, 212
Amadeus Ventures 1, 91
ACE Portugal 1, 65, 104, 139, 153, 203, 205, 210, 212
Ambinorma 1, 210
Acek Desarrollo y Gestión Industrial 1, 33, 114, 117
Amerigo Ventures Pacífico 1, 76, 83, 93
Acon Investments 1, 72
Amichi 1, 76
Across Legal 1, 51, 107–108
Amkor Technology 1, 212
ACS 1, 33
Amorim & Irmãos 1, 140 Auriga 2, 96, 98, 153, 191–192, 200
Amorim Bartop 1, 140 Aurora Health Care Ventures 2, 91
AMP Capital 1, 23, 64, 99, 108, 118, 122 Aurorial 2, 123
Amphenol 1, 73, 120 Automotive and Recreational Vehicles 2, 58, 70, 111,
Amplifon Portugal 1, 138, 192 114, 117, 128, 170, 181, 186, 204, 211
Âncora Wind 1, 203 Avenida Capital 2, 93
Andersen Tax & Legal Spain 1, 37, 73, 107, 109 Avet Ventures 2, 93
Andrade Gutierrez Portugal 1, 204 Avianta Capital 2, 91, 93
Angel List 1, 51, 91, 118 Aviva Europe 2, 99–100, 110, 119
Angels Capital 1, 91, 93, 123 Aviva Vida y Pensiones 2, 99–100, 110, 119
Anglada Subministraments Industrials 1, 128 AXA Group 2, 24, 103
Antai Ban 1, 51, 92 Axa Investment Managers-Real Assets 2, 68, 99, 119
Antea Group 1, 101 Axiare Patrimonio 2, 108, 116, 125
Anticimex 1, 210 Axon Partners Group 2, 83, 88, 93
António Cândido Natário Advogados 1, 186 Axon Wealth Advisory Digital A.V. 47
Araoz & Rueda 1, 107, 109 AZ Capital 2, 86, 96, 98
Araven 1, 74, 120 Azora 2, 68, 99, 119
Arcano Partners 1, 22, 37, 78, 80, 96–97, 177
B
Arctic Wolf Networks 1, 140, 199
B4Motion 2, 91, 93, 112
Ardian 1, 64, 99, 104, 112, 117, 122, 127
Bae, Kim & Lee 2, 87
Ares Management 1, 210, 213
Bain Capital 2, 68, 110
Argo Asesores Financieros 1, 96–97
Baker McKenzie Spain 2, 22, 51, 63, 74, 80, 90, 107,
Arle Capital 1, 88, 103
110, 153
Arpa Abogados 223
Baker McKenzie UK 2, 51, 90
Artá Capital 1–2, 64, 68, 98–99, 101, 114, 119, 177,
Baker Tilly 299
204, 207–208
Baltar Abogados 2, 107, 110
Artá Capital Fund II A SCR 1, 101, 177, 204, 207–208
Bamboo Venture Capital 2, 76
Artá Capital Fund II B SCR 1, 101, 177, 204, 207–208
Banco BPI 2, 65, 139, 153, 202–203
Artá Capital Fund II FCR 2, 101, 177, 204, 207–208
Banco BTG Pactual 2, 202–203
Artlant PTA 2, 185, 204, 210
Banco Finantia 2, 193
Ashurst France 2, 40, 84
Banco Mare Nostrum (BMN) 20
Ashurst Spain 2, 22, 37, 40, 84, 107, 110
Banco Popular 2, 22, 80, 97, 99, 102, 110, 124
Asociación Española de Capital Crecimiento e Inversión 295
Banco Sabadell 2, 40, 126
ASSIP 2, 23, 112–113, 127, 204, 211
Banco Santander 2, 22–23, 40, 80, 96–99, 102, 110,
Atena Equity Partners 2, 183, 199
116–117, 122, 124, 127, 202–203
Athos Capital 2, 91, 100, 128
Banif Banco Internacional do Funchal 2, 203
Atitlán Capital 2, 111
Bank of America Merrill Lynch 2, 63, 110
Atlantic Bridge 2, 91, 108
Bank Street 2, 90
Atomico 2, 87, 93
Bankia (fusión Caja Madrid y Bancaja) 20, 95, 121, 249,
Atresmedia 2, 32, 49, 92
275, 317, 323
Attentive 2, 163
Bankinter 2, 49, 91, 93, 123
AudioNova 2, 138, 192
Bankinter Capital Riesgo 2, 91, 93, 123
Augesco Ventures 2, 93
Barceló Hotels Mediterráneo 2, 22
Aurica Capital 2, 37, 74, 101
Barclays Bank 3, 23, 40, 80
Aurica III 2, 72
Barraqueiro Transportes 3, 138, 194
BAY 3, 11, 22, 37 BSF 17 3, 123
BBK Fundazioa 3, 125 BSIM² 185
BBooster Dyrecto 3, 91 BStartup 10 3, 91
BBVA 3, 23–24, 51, 64, 68, 73, 80, 90, 96, 99, 110, Bufete Buades 3, 140, 195
123, 138, 175, 177, 183, 202–203 Bullnet Capital I 3, 91
BBVA Corporate Finance 3, 23, 51, 64, 68, 73, 90, 138, Bullnet Capital II 3, 91
177, 183 Bullnet Capital III 3, 91
BC Partners 3, 76, 82–83 Bunzl Spain 3, 103
BDGS Associés 3, 24 Bustillo Abogados 3, 107, 111
BDO (Spain) 76 ByHours 3, 105
Bebé Vida - Ciências Para a Vida 3, 211
C
Belagua Abogados 3, 107, 110
Cabiedes & Partners 4, 51, 68, 81, 91, 93, 114, 127
Bequant 3, 121
Cabify 4, 51, 118
Bessemer Venture Partners 3, 91
Cafesalud EPS 4, 86
Bial 3, 187
Caisse des Dépôts 4, 24, 103
Bial - Aristegui Produtos Farmacêuticos 3, 187
Caixa BI 4, 23, 185, 202, 204
Bial Aristegui Espanha 3, 187
Caixa Capital Risc 4, 49, 51, 75, 84, 91, 93, 100, 121, 126
Bial Aristegui Itália 3, 187
Callcredit Information Group 4, 115
BIE Management Lux 3, 124
Callol, Coca & Asociados 4, 107, 112
Big Sur Ventures 3, 91, 93, 114, 123
Camfil 4, 74
Billin 3, 112
Campofrío 4, 71
Biocitek - Equipamientos de Diagnóstico 3, 98, 153,
Campos Ferreira, Sá Carneiro & Associados 4, 75, 187,
191–192, 200
191, 206–207
Biolty 3, 49
Capital Criativo 4, 191, 208
Bird & Bird Spain 3, 107, 111, 140, 195
Capital Expansió 4, 49, 84
Bitarte 3, 126
Capital Group 4, 12, 40, 68, 100, 102, 119
Black Toro Capital 3, 76, 83, 85, 111
Capital Innovación y Crecimiento 4, 120
Blackstone 3, 40
Capital Partners 1, 3–4, 6, 8, 11–13, 21–22, 24, 37,
Blooming Experience 3, 108, 116
51, 66, 75, 85–86, 90–91, 93, 97–99,
Blue Digital Ventures 3, 114
101, 104, 108, 110, 112–114, 116,
Blue Sea Hotels 3, 37
123, 126, 202, 205
BlueGem Capital Partners 3, 101
Capitana Venture Partners 4, 91, 100, 128
Blueliv 3, 49
Capstone Equities 4, 110
BNP Paribas 3, 40, 64, 84, 96, 99
Capwatt 4, 147, 151
BNP Paribas Corporate & Investment Banking Spain
Carey 4, 23, 40
3, 40, 84
Carlos Aguiar, Ferreira de Lima Advogados 4, 40, 84
Boatjump 3, 123
Carlyle 4, 90–91
Bonsai Venture Capital 3, 51, 83, 91–93
Carlyle Europe Technology Partners III 4, 90
BrainCapital 3, 161, 194, 197, 200
Carmen Corporation 4, 111
BrandCare 3, 207
Cárnicas Sáenz (Sáenz Horeca) 100
Breega Capital 3, 91, 93, 112
Caroli Foods Group 4, 71
British Hospital Management Care 3, 208
Caser 4, 49
Broseta Abogados 3, 72, 107, 111
Castellana Properties 4, 22
Bs Invest 3, 86, 93
Castellano Investments 4, 76, 82
BSF 16 3, 91
Cathay Innovation 4, 51, 92
Catumbel 4, 211 Clínica Navarra 5, 86
CBRE Global Investment Partners (GIP) 66, 97, 255, Clínicas Coondontológicas 5, 86
307 CMS Albiñana & Suárez de Lezo 5, 23, 37, 40, 85, 107, 113
CBRE Global Investors 4, 119 CMS Belgium 5, 24
Cellnex Telecom 4, 32, 98 CMS Hasche Sigle 5, 24
Centerbridge Partners 4, 63, 100, 110, 113 CMS Rui Pena & Arnaut 5, 177, 195, 206–207
Central Solar de Vale Matanças 4, 210 CNBB Venture Partners 5, 93
Centro Comercial Xanadú 4, 68, 82 Codacy 5, 163
Centro Médico El Castro Vigo 4, 110 COEMAC 5, 69, 103, 124
Centro Nacional de Oncología 4, 86 COGA (Compañía Operadora de Gas del Amazonas) 108
Centro para el Desarrollo Tecnológico e Industrial Coimbra Genomics 5, 161
(CDTI) 47 Cold Land 5, 213
Cerberus Capital Management 4, 37, 68 Collins Capital Advisors 5, 86
Ceriart - Cerâmica Artística 4, 205 Colonial 5, 22, 101, 108, 116, 125–126
Cerutil 4, 138, 148, 183 Compañía Logística de Hidrocarburos (CLH) 21, 62, 97,
CG Health Ventures 4, 91 102, 105, 109, 114, 115, 119,
CGC Genetics 4, 213 243, 249, 261, 301, 303, 307,
CGD Caixa Capital 4, 163, 182, 197, 199–200 ComparaJá 5, 163, 199
CGD Caixa Geral de Depósitos 4, 185, 204, 210 Compas Private Equity 5, 96, 100
Charme Capital 4, 68, 109 Comunicaciones y Sonido México 5, 97
Chartwell Pharmaceuticals 4, 185 Concesionaria Ruta del Canal 5, 87
Chequers Capital 4, 40, 84, 99, 110, 116 Concesiones Viarias Chile Tres 5, 87
Cibeles Comfort Cars 4, 49 Confirma Sistemas De Información 5, 115
Cibus Fund 4, 78 Connect Ventures 5, 51, 91
CIE Automotive 4, 114, 117 Continuum Security 5, 116
Cipan - Companhia Industrial Produtora de Antibióticos 5 Cooley 5, 75, 86
Cisco Investments 5, 91 Corkbrick 5, 161
Citigroup 5, 22–24, 40, 80, 84, 96, 99 Corominas Abogados 5, 107, 113
City Time 5, 122 Corpfin Capital 5, 37, 66, 85–86, 98, 104
Clave Mayor 5, 73 Corporación América 5, 65
Clearwater International - Portugal 5, 186, 202, 204 Corporación Financiera Alba 5, 109, 114, 117
Cleary Gottlieb Steen & Hamilton US 5, 51, 90 Cortefiel 5, 76, 82
Clifford Chance China 5, 87 COSCO SHIPPING Ports (Spain) 85, 96
Clifford Chance Germany 5, 23, 40 Covirán 5, 105
Clifford Chance Hong Kong 5, 87 CREA Inversión 5, 96, 100
Clifford Chance Luxembourg 5, 23, 40, 64, 177 Creas Desarrolla 6, 83
Clifford Chance Spain 5, 22–24, 37, 40, 64–66, 68, 74, Creel, García-Cuéllar, Aiza y Enríquez 6, 69
82, 87, 107, 112, 177 Cuatrecasas Portugal 6, 65, 138, 151, 153, 177, 182–184,
Clifford Chance Turkey 5, 23 191–192, 194, 200, 206, 208
Clifford Chance UK 5, 23, 64, 87, 177 Cuatrecasas Spain 6, 22, 37, 49, 51, 63, 68–69, 71,
Clifford Chance US 5, 23, 40 74–76, 78, 88, 107, 113, 139, 153,
Clínic Balear 5, 11, 23, 121 183, 191–192, 200
Clínica Baviera 5, 109 Custom Solutions (Customia) 19
Clínica Deportiva Alto Rendimiento 5, 121 CVC Fund VI 6, 86, 98
Clínica Medilaser 5, 86 Cyclicus DDP DOS 6, 37, 66, 104
Cymit Química 6, 98, 153, 191–192, 200 e.ventures 6, 93
Eastdil Secured 6, 68, 82
D
Ecija 6, 107, 115
D1 - Atividades Hoteleiras e Turísticas 6, 195, 207
EDF Energies Nouvelles 6, 63, 98
Dadelos 6, 71
Edmond de Rothschild Investment Partners 6, 51, 126
Darrois Villey 6, 24
EDP - Energias de P
ortugal 6, 23, 64, 104, 122, 138–139,
DCA 6, 40, 84
147–148, 175, 177, 203, 210, 212
De Juan-Moreno Estudio Jurídico-Fiscal 6, 37
EDP Gás 6–7, 99, 101, 104, 138, 175, 177, 203–205,
Dechert 6, 49
209–210, 213
DEKRA 6, 213
EDP Gás Distribuição 6, 99, 101, 104, 138, 175, 177,
Deloitte Global Services 6, 196
203–205, 209–210, 213
Deloitte Legal 6, 23, 40, 64–65, 68–69, 72–73, 82, 90,
Edp Gás Gpl - Comércio De Gás De Petróleo Liquefeito 7,
140, 195
99, 101, 104, 203–205, 209–210, 213
Deloitte Portugal 6, 139, 151, 153, 175, 177, 184, 191, 197
EDP Iberia 7, 33, 99, 101, 104, 175, 203–205, 209–210, 213
Deloitte Spain 6, 22–23, 40, 49, 63–64, 66, 68, 71–72,
EDP Renewables Europe 7, 65, 104, 139, 153, 203,
74, 76, 82, 139–140, 195
205, 210, 212
Delvy Asesores Legales 6, 107, 114
EDP Renováveis 7, 138, 175, 203, 210
Demarest Advogados 6, 183
EDPR PT - Parques Eólicos 7, 139, 175, 212
Demeter Áurea 6, 111
EDPR UK 7, 176
Dentons Spain 6, 107, 114
Edward Nathan Sonnenbergs 7, 40, 84
Desarrollo Creativo de Negocio (DCN) 47
Eficácia Verde 7, 101, 177, 204, 207–208
Deutsche Bank 6, 22, 40, 63, 72, 96, 100, 193
El Firmamento Estelar 7, 88, 97, 118, 120
Deutsche Telekom Capital Partners (DTCP) 96
Elektro Holding 7, 117
Deyá Capital 6, 37, 64, 74, 101, 177, 204, 207–208
Element Power Spain 7, 115
Deyá Capital II 6, 37, 74, 101
Elevo 7, 209, 212
Deyá Capital III 6, 37, 74, 101
Ellama Holding 7, 212
Deyá Capital IV SCR 6, 101, 177, 204, 207–208
Elvinger, Hoss & Prussen 7, 40, 84
Diamerisma 6, 110
Emmergia Corporate Finance 309
DIDIMO 6, 105
Empark 7, 23, 112–113, 127, 204, 211
Distribution and Retail 6, 27, 44, 49, 51, 54, 59, 79, 82,
Empreendimentos Eólicos do Vale do Minho 7, 138
98, 100–101, 105, 120, 122, 128, 138, 143, 153, 161,
Enagás Internacional 7, 111
171, 190, 192, 205
Endurance Partners 7, 76, 83
DLA Piper ABBC 6, 189, 193, 206, 208
ENEOP 7, 65, 104, 139, 153, 203, 205, 210, 212
DLA Piper Spain 6, 51, 69, 86, 92, 107, 114, 138, 175, 193
Enertika 7, 49
DLA Piper US 6, 193
Engie 7, 176
Dogus Arastirma Gelistirme ve Musavirlik H
izmetleri
Enisa 7, 49, 68, 93
6, 24, 80
Entrée Capital 7, 51, 83, 92–93
Dogus Group 6, 24, 80
Entrenar.me 7, 112
Dream Yach Charter 6, 100
Eol Verde 7, 138, 213
DST Wind 6, 138, 148, 176, 213
EQT 7, 163, 199
DTL Corporación 6, 63
Equinix 7, 90
Duarte Garin 6, 213
Esendex Spain 7, 109
Duarte Schmidt Lino 6, 211
Esensa 7, 86
Dunas Capital 6, 111, 126, 140, 195
ESIF I 7, 23, 112–113, 127, 204, 211
E Esimed 7, 86
Esmalglass 7, 40, 72, 100, 102, 119 First State 8, 203
Etablissements Christian Bourrassé 7, 140 Fitalent 8, 88
Etex Group 7, 69, 103, 124 Fitness BIDCO 8, 115, 204, 207, 209, 211
Eurazeo 7, 104, 118 Fitness Hut 8, 115, 204, 207, 209, 211
Eurizon Capital SGR 7, 23, 40, 80, 98–99, 116–117, Fitness Room Santander 8, 97
122, 127 Flex 8, 37, 74, 101
EuroAtlantic Airways 7, 207 Fondo de Inversión en Infraestructura Servicios
Eurohold 7, 96, 101 Públicos y Recursos Naturales (FIISR) 64
Europac 7, 194 Fondo de Inversión Público Penta Las Américas
Europac Logística 7, 194 Infraestructura III 8, 87
Eurosearch & Associés 7, 124 Fondo de R
eestructuración Ordenada Bancaria (FROB)
Eurosic Gestion 7, 124 20, 78, 95, 97, 100, 107, 121, 249
Eurosic Management Spain 7, 124 Fondo Diana Capital II 8, 72
Euskaltel 7, 102 Fondo Nazca I 8, 72
Evercore Partners Spain 7, 40, 84 Fondo Nazca IV 8, 72
Eversheds Sutherland Nicea 7, 107, 115 Fontime 8, 100
Evolutiona 7, 113 Forbion Capital Partners 8, 75
EXEL 7, 126 Foresight Group 8, 63, 175, 210
Explorer Investments 7, 207 Fornesa Abogados 8, 107, 116
Expon Capital 7, 91 Forum Media Group (FMS) 105
Exporsado - Comércio e Indústria de Produtos d
o Mar Fosun Group 8, 191
7, 151 Fotosolar 8, 63, 98
Extol 7, 37, 73, 109 Foundation Capital 8, 81, 91
EY Spain 7–8, 22–23, 37, 40, 49, 63–64, 71, 76, 82, 84, Fourlaw 8, 107, 116
88, 90, 139, 177 Francisco Santos Costa 8, 208
Ezentia Spain 8, 124 Francisco Xavier de Almeida 8, 207
Ezentis 8, 97 Franz Legal 8, 183
Freshfields Bruckhaus Deringer Spain 8, 22–23, 37, 40,
F
63, 72, 80, 85, 107, 116, 139–140, 183, 195
F4 Biomechanics 8, 125
Freshfields Bruckhaus Deringer UK 8, 23, 40, 80
Facialdent 8, 103
Friolisa 8, 101
Factor Energía 8, 66, 126
Frustock Distribuição Alimentar 8
Faes Farma 8, 32, 75, 78
FT Partners 8, 163, 199
Faraday Venture Partners 8, 93, 127
Fundo Caravela 8, 213
FCB 8, 206, 209
Fundo Revitalizar Centro 8, 183
FeedZai 8, 163, 199, 211
Fundo Sierra 8, 138, 179, 193, 210
Ferrer & Ojeda Asociados 8, 126
Ferrostaal 8, 203 G
Fides 4 8, 76 Gaelco 8–9, 125
Fides Capital 8, 91 Gaelco Darts 9, 125
Fieldfisher 8, 192 Gala Capital 9, 93
Filipe Avides Moreira 8, 208 Galicia Abogados 9, 40, 84
Financial Managers 8, 51 Galmax - Comércio e Serviços 9, 184, 211
Fingano 8, 65 Galtrailer - Indústria e Comércio 9, 184, 186, 211
Fintech Ventures 8, 49, 81, 84, 91 GAM Holdings 9, 180
Fintonic 8, 51 Garrido Abogados 242, 243
Garrido Forensic 244, 245 GO Spain XXI 9, 22
Garrigues Brasil 9, 183 Go4it 9, 199
Garrigues Chile 9, 87 Gold Consulting 9, 212
Garrigues Espain 9, 72 Goldman Sachs 9, 69, 110
Garrigues México 9, 69, 183 Goldman Sachs International 9, 110
Garrigues Portugal 9, 75, 151, 163, 175, 179, 182–183, Gómez-Acebo & Pombo Portugal 9, 206, 210
186–187, 191, 199, 206, 209 Gómez-Acebo & Pombo Spain 9, 23, 37, 49, 51, 64, 74,
Garrigues Spain 9, 22–24, 37, 40, 51, 64, 66, 68–69, 71, 107, 118
74–76, 82, 84, 86, 88, 90, 107, 117, González Calvillo, S.C 9, 69
183, 187, 191 Gore Spain Holdings Socimi I 10, 22
Gascan Portugal 9, 101, 177, 204, 207–208 GPF Capital 10, 85, 87–88, 97, 105, 118, 120
GBP Legal 9, 72, 107, 117, 139, 183 Graña y Montero 10, 111
GBS Finanzas 9, 22, 37, 74, 96, 101 Granja Dos Hermanas 10, 78
GED Infrastructure 9, 37, 66, 104 Grant Thornton India 10, 75, 187, 191
GED V Spain 9, 71, 83–84, 120 Green Innovations 10, 161
Geetcha 9, 91 Greenbay 10, 139, 179, 207
General Atlantic 9, 23, 40, 51, 80, 91, 98–99, Greenhill & Co. Spain 10, 37, 88
116–117, 122, 127 GreenOak Spain Solar 10, 22
Generis - Farmacêutica 9, 75, 187, 191, 207, 209 Greylock Partners 10, 51, 90, 110, 123
Geniova 9, 128 Greystar 10, 68, 99, 119
Genuinevidence 9, 205 Grifols 10, 32, 123
Geotech Holding 1, 9, 84 Grifols Innovation and New Technologies 10, 123
German Media Pool VC 9, 92–93 Groupe Bruxelles Lambert (GBL) 86
Germans Homs 9, 105 Grup Dusa 10, 105
Germen - Moagem de Cereais 9, 182 Grupo Bergé 10, 22, 33, 103
Gestión de Capital Riesgo del País Vasco 9, 91 Grupo CYS 10, 97
Gestión Tributaria Territorial 9, 37, 120 Grupo Dcoop 10, 33
GH Induction Group 9, 73, 127 Grupo Docuworld 10, 102
GIC Realty 9, 23, 40, 80, 98–99, 108, 116–117, 122, Grupo Hospital de Madrid (HM Hospitales) 107
125, 127 Grupo Mémora 10, 113, 139, 210, 212
Gide Loyrette Nouel 9, 40, 84 Grupo Mutua Madrileña 10, 68, 99, 119
GigaGen 9, 123 Grupo Nors 10, 213
Glintt Spain 9, 196 Grupo Opway 10, 209
Global 3 Combi 9, 37, 66, 104 Grupo Padeinvest 10, 127
Global 3 Energía 9, 37, 66, 104 Grupo Profand 10, 110
Global Casandra 9, 64, 99, 104, 112, 117, 127 Grupo San José 10, 65
Global Founders Capital 9, 68 Grupo Sonae 10, 147
Global InfraCo Spain 9, 24, 32, 108 Grupo Taper 10, 98, 153, 191–192, 200
Global Retailing 2Life 9, 212 Grupo Taper - Equipamentos de Precisão Científica 10
Global Student Accommodation Group (GSA) 83 Grupo Zriser 10, 109
Global Vía Infraestructuras Chile 9, 118 GTA Travel Holding 10, 85
Globalvía Chile 9, 118 Guia - Sociedade de Construções e Turísmo 10, 180, 213
Globalvia Inversiones 9, 101, 180, 194, 204 Guimadira 10, 151, 184
Glovo App 9, 51, 92 Guipuzcoano Valores 10, 126
GMV 9, 49 Gunderson Dettmer 10, 51
Gustavo Ordonhas Oliveira 10, 212 HOWZAT Partners 11, 93, 105
Guyer & Regules 10, 65 HR Ventures 11, 93, 105
Guzmán Gastronomía 10, 102, 203 Hugo Correia 11, 208
GVC Gaesco 315 Hundredrooms 11, 49
Hyundai Merchant Marine (HMM) 85
H
Habitat 10, 110 I
Habitissimo 10, 127 Ibercaja 11, 74, 120
Haitong Bank Portugal 10, 175, 177, 180, 194 Iberchem 11, 104, 118
Haitong International Holdings 10, 23, 112–113, 127, Ibérica de Sales 11, 71
204, 211 Ibertasa 11, 109
Haitong Securities 10, 96, 101, 202, 204 IBK Investment & Securities 11, 87
Halley Holdco 10, 40 ICA 11, 97
Halogen Software 10, 90 ICE Consultants Europe 11, 101
Hanjin Shipping 10, 87 Iceacsa Consultores 11, 101
Haya Real Estate 10, 37, 97, 118 IDC Salud (Quirónsalud) 118
Hcapital 10, 84, 196 Idinvest Partners 11, 51, 87, 90, 93, 110, 123
Healthequity 10, 49, 75 Idodi Venture Capital 11, 81, 91
Helia Renovables 10, 63, 65, 98 IFM Global Infrastructure Fund 11, 69, 120
Helios Investment Partners 10, 68 IFX Networks 11, 104
Hellman & Friedman 10, 23, 40, 80–81, 98–99, IMAP Albia Capital 11, 96, 102
116–117, 122, 127 Impala Capital Partners 11, 37, 66, 104
Herbert Smith Freehills Spain 11, 22, 66, 88, 107, 118 Impulsa Capital 11, 37, 74
HI Partners Holdco Value Added 11, 40 Index Ventures 11, 51, 81, 91
Highland Capital Partners 11, 51, 90, 110, 123 Indiba 11, 37
Hispania Activos Inmobiliarios 11, 22, 37 Indorama 11, 185, 204, 210
HNB 11, 147 Infracapital 11, 98
Hogan Lovells Spain 11, 107, 119 ING Bank 11, 139, 179
Hogrefe 11, 108 ING Group 11, 51
Holding d 11, 24, 103 Inmo 11, 22, 101
Holtzbrinck Ventures 11, 91 InnoCells 11, 81, 91
HomeServe 11, 127 Innogest 12, 51, 86, 91, 93, 126
Hospital Cardiovascular de Soacha 11, 86 Innoliva 12, 78
Hospital Clínic Balear 11, 121 Innova FIP 12, 51
Hospital Infantil Universitario de San José 11, 86 Innvierte Economía Sostenible 12, 49
Hospitales Nisa 11, 22, 97, 110 Insight Venture Partners 12, 51, 91, 108
Hotel AluaSoul Alcudia Bay 11, 37 Insignya Capital Partners 12, 202, 205
Hotel AluaSoul Ibiza 11, 37 Institut Valenciá de Finances 12, 49
Hotel AluaSoul Mallorca Resort 11, 37 Instituto de Medicina Genómica (Imegen) 47
Hotel AluaSoul Palma de Mallorca 11, 37 Instituto Valenciano de Infertilidad (IVI) 106
Hotel AluaSun Torrenova 11, 37 Integra Capital 12, 74
Hotel Ambar Beach 11, 37 Integración Sanitaria Balear 12, 121
Hotel Investments and Leisure 11, 37 Intel Capital 12, 81, 91
Hotel Parque San Antonio 11, 37 Intermediary 12, 193
Hotelbeds Group 11, 32, 85 Intermediate Capital Group (ICG) 38, 70, 98, 100, 116, 307
Hotelbeds US Holdco 11 Inter-Risco 12, 213
Intertrust 12, 81 João Nuno Azevedo Neves 13, 208
Intertrust Spain 12, 81 João Perry da Câmara 13, 211
Intertur Hotels 12, 111, 126, 140, 195 Jobin 13, 112
Intralinks 12, 175 Join Capital 13, 163, 199
Intu Properties 12, 68, 82 Jones Day México 13, 69
Inveravante 12, 85 Jones Day Spain 13, 40, 68, 72, 92, 107, 119
Inveready Capital 12, 49, 100, 121, 128 Jones Day UK 13, 68
Inveready First Capital 12, 84, 91 Joparny 13, 114
Inveready First Capital II 12, 84, 91 Jorge Bleck 13
Inveready Venture Finance 12, 84, 91 Jorge Brito Pereira 13, 213
Inveready Venture Finance II 12, 84, 91 José Diogo Horta Osório 13, 208
Inversiones Baglio 12, 22 JZ Capital Partners 13, 66, 126
Inversiones Barrow 12, 22
K
Inversiones Dario 3 12, 109
Kasitoko 13, 125
Inversiones Fraser 12, 22
Kensington Capital 13, 83, 93
Inversiones Grace 12, 22
Keraben Grupo 13, 72, 103, 111
Inversiones Mandrem 12, 22
Kereon Partners 13, 91
Inversiones Manly 12, 22
Keys Asset Management 13, 211
Inversiones Margarita 12, 22
Kfund 13, 81, 91, 93, 112
Inversiones Ninara 12, 22
Khaitan 13, 40, 84
Inversiones Reinga 12, 22
Kibo Ventures 13, 49, 51, 81, 83, 87, 91, 93, 108, 112
Inversiones Silang 12, 22
Kids & Us 13, 98
Inversiones Telesan 12, 109
Kima Ventures 13, 93
Investcorp 12, 40, 72, 100, 102, 119
King & Wood Mallesons Spain 13, 23, 37, 64, 74, 88, 92,
Investiere 12, 105
107, 120, 138, 175, 177
Investindustrial 12, 87
King Street Capital Management 13, 180, 213
Investing PROFit Wisely 12, 108
KKR 13, 40, 69, 84–85, 102, 111, 113–114, 126, 140, 195
Investments Ballo Holding 12, 109
KKR Credit Advisors 13, 69, 102, 114
IPH Group 12, 128
Knollwood Investment Advisory 13, 140, 199
iSeed Ventures 12, 93
Kobus Partners 13, 115
Itconic (ex Telvent Global Services) 88
Korea Investment Partners 13, 87
Ivanhoé Equity Spain 12, 33, 68, 82
KPMG Abogados 13, 22–23, 40, 63–64, 72, 139
Ivanhoé Europe Capital 12, 68, 82
KPMG Portugal 13, 151, 182
IVI RMA Global Investments 12, 109
KPMG Spain 13, 22–23, 37, 40, 51, 63–64, 74, 87, 92
J KPN 13, 24, 102
J.P. Morgan 12, 22, 75, 80, 86, 96, 102 KPS 13, 101
J.P. Morgan Securities 12, 75, 86 Kuoni Group 13, 85
Jason Associates 12, 196 Kuoni Holdings 13, 85
JC Flowers 12, 81 Kutxabank 62, 97, 102, 109, 114, 124, 249, 261, 303
Jefferies US 13, 75, 187, 191 Kwiil 13, 196
Jimenez de Arechaga, Viana & Brause 13, 65
L
JME Venture Capital 13, 49, 76, 91, 93, 112, 116, 123, 199
La Famiglia 13, 87, 93
João Caldeira 13, 207
Laboratorios Diafarm 13, 75
João Costa Quinta 13, 208
Lanai Partners 13, 81, 88, 93, 114
João Couceiro 13, 209
Lanpar 2013 13, 73 Luís Miguel Cortes Martins 14, 212
Lanta Digital Ventures 13, 91, 93 Luisdre Investments 14, 98, 114
Laoconte Operaciones 13, 111 Lusobrisa - Produção de Energia Eléctrica 14, 151
Lar Spain 13, 115, 126 Lusosuan 14, 185
Lar Spain Offices Arturo Soria 13, 126 Luz Saúde 14, 208
LaSalle Investment Management 14, 119
M
Láser 2000 14, 103
M & M Bomchil Abogados 14, 65
Lateral 14, 101
Macquarie European Infrastructure Fund 5 14, 23, 64,
Latham & Watkins Spain 14, 69, 73, 107, 120
99, 108, 112–113, 118, 122, 127, 204, 211
Latham & Watkins US 14, 69
Mad Lions 14, 115
LAWESOME 259
Madrid Xanadú Management 14, 68, 82
Lazard 14, 24, 40, 65, 69, 72, 75, 84, 86, 96, 102
Mafalda Barreto 14, 210
Lazard Australia Private Equity 14, 84
Magacela Solar 1 14, 63
Lazard Spain 14, 86
Magenta Infraestructura 14, 69, 120
LDC 14, 81
Magnum Capital 14, 37, 75, 91, 104, 118, 187, 191,
LDI Desenvolvimento Imobiliário 14, 203
207, 209
Lear Corporation Portugal 14, 186
Mahindra Group 14, 114, 117
Lear Corporation Valença 14, 186
Mainside Investments 14, 211
Legance 14, 138, 192
Mapidea 14, 161
Lener 14, 107, 121
Mar Hispana Apartamentos 14, 37
Lestenergía - Exploração De Parques Eólicos 14, 65, 208
Marathon Asset Management 14, 110
Lexcrea 14, 107, 121
March Campus 15, 68, 99, 119
Liberbank 14, 37, 97, 111, 118
Marcos Sousa Monteiro 15, 210
Lincoln International 14, 73
Marimón Abogados 15, 107, 122
Lineas - Concessões de Transportes 14, 101, 180, 194, 204
Mário Lino Dias 15, 209
Link Mobility 14, 105
Mário Marques Mendes 15, 210
Linklaters Italy 14, 23, 40, 80
Marlborough Partners 15, 96, 103
Linklaters Portugal 14, 138–139, 175, 179, 185, 193,
Marta Pontes 15, 213
206, 210
Masaria Investments 15, 76, 82
Linklaters Spain 14, 23, 40, 63–64, 66, 68, 72, 76, 80,
Master Test 15, 213
82, 107, 122, 139, 177
Mave Aeronáutica 15, 84, 105
Linklaters UK 14, 76, 82
Maxfield Capital 15, 91
Lisboat 14, 138, 194
MBD 15, 37
Livingstone Partners 14, 69, 72, 96, 103
MCFI 15, 182
Llollo Mobility 14, 112
MCH Private Equity 15, 37, 73, 85, 88, 97, 109, 118, 120
Llorente & Cuenca 325
MD Moldes 15, 204
LNMK - Fundo de Capital de Risco 14, 138, 195, 197, 207
MDSR Investments 15, 114
Lobo de Rizzo Advogados 14, 51
Medgold Portugal 15, 189
Locaviseu - Sociedade de Gestão de Imóveis 14, 139,
Media Digital Ventures Spain 15, 49, 93
179, 207
Mediaset Group 15, 108, 112, 116
Logtrust 14, 51, 108
Mediaset Spain 15
Lone Star Funds 14, 40, 72, 100, 102, 119
Mediobanca 15, 22, 24, 88, 96, 103, 138, 175
Looping Group 14, 205
Mediterránea de Cátering 15, 105
Lovell Minnick Partners 14, 81
Medlumics 15, 51, 126
Luis Gil Bueno 14, 210
Medplus Group 15, 86
MEFIC Capital 15, 153 MRN - Manutenção de Rodovias Nacionais 16, 101,
Meggitt 15, 73, 120 180, 194, 204
MEP Retail Spain 15, 76, 82 MUB Cargo 16, 161
Mercer 15, 196
N
Merck Serono Ventures (MS Ventures) 73
N Capital 16, 68, 75, 81, 83, 85–86, 91, 93, 199
Meridia Private Equity I 15, 85
Nacala Holdings 16, 209, 212
Merlin Properties 15, 32, 179
Nagy és Trócsányi Ügyvédi Iroda 16, 40, 84
Mersin Uluslararası Liman 15, 24, 108
Nani Holdings 16, 147, 193, 208, 213
Metricson 15, 107, 123
Naspers 16, 51
Metxa 15, 123
Natixis Partners 16, 23, 37, 64, 66, 96, 104, 177
México Ventures I 15, 91
Nature Investments 16, 23, 64, 104, 122, 177
MI IPS 15, 86
Naturgas Energía Distribución 16, 23, 64, 104, 122, 177
Miguel Mendes Pereira 15
Nauta Capital 16, 51, 90–91, 110, 123
Mihabitans 15, 37, 97, 118
NBF | Advogados 1, 4, 6, 14, 16–18, 20–23, 40, 51,
Milbank, Tweed, Hadley & McCloy US 15, 75, 86
65, 84, 138–139, 151, 153, 161,
Millennium BCP 15, 65, 72, 96, 104, 138–139, 153,
175, 179, 183, 186, 195, 197, 200,
175, 182–183, 186, 195, 197, 202,
206–207, 209, 211–213
204–205, 207, 212
Negocio Telecomunicaciones Colombia 16, 104
Millennium Fundo de Capitalização 15, 151
Negocios del Café 16, 37
Millennium Investment Bank 15, 138, 175
Neoenergia 16, 117
Minerva Capital 15, 37
Nero Ventures 16, 91, 93
Minishoes 15, 112
Netherlands 16, 26, 28, 30, 52, 75, 93, 98, 142, 144,
MiniSom 15, 138, 192
146, 155
MIRA 15, 75, 195
New Finerge 16, 138, 147, 176, 213
Mirova 15, 204
Newcor 16, 117
MISTek 15, 102
Nexo Residencias 16, 85
Miura Private Equity 15, 68, 73, 109, 127
Noatum Ports Holdings 16, 87, 98
Mobiser 15, 195, 207
Nomura Etiquetas 16, 102
Mola 15, 127
Norgestión 16, 96, 105
MoneyGuru 15, 128
Northzone 16, 93
Montalbán 15, 37, 66, 96, 104
Nova Founders 16, 81, 93, 128, 163, 193, 199
Montepio 16, 138, 147, 193
Novo Banco 16, 179, 182, 193, 197, 208, 212–213
Montepio Geral Associação Mutualista 16, 138, 147, 193
Novo Lítio 16, 189
Morais Leitão, Galvão Teles, Soares da Silva & Associados
Nps European Propertu (Retail) I 112
16, 65, 138–139, 151, 153, 175–176,
Nps European Propertu (Retail) II 112
179, 185, 192–193, 196–197, 206, 210
Nps European Propertu (Retail) III 112
Moray Offshore Renewables 16, 176
NRSur 16, 37
Morgan Stanley 16, 22, 24
Numa Barcelona 16, 91
Morningchapter 16, 125
Nuno Azevedo Neves 13, 16, 208
Mota Gestão e Participações 16, 186, 204
Nuno Ferreira Lousa 16, 210
Mota-Engil 16, 148, 205
Nuno Galvão Teles 16, 210
Movil Access 16, 121
Nuno Sá Carvalho 16, 208
Movile 16, 51
Nutrium 16, 161
Movile Mobile Commerce Holdings 16, 51
Mr Jeff 16, 116
O Parclick 17, 100, 128
Oaktree Capital Management 16, 85 Park Ohio 17, 73, 127
Ocidental Seguros 16, 138, 179, 193, 210 Parkia 17, 111
Ocio y Nieve 17, 68, 82 Parkinvest 17, 23, 112–113, 127, 204, 211
OCM-ECP Management 17, 195, 207 Parque Eólico do Alto da Vaca 17, 176
Odilo 17, 49 Parques Reunidos 17, 88, 103
OHL 17, 33, 69, 120 Parselaya 17, 102
OHL México 17, 69, 120 Partech Ventures 17, 81, 93
Oltre Venture 17, 83 Partners Group 2, 17, 83, 88, 93
Oman Oil Company 17, 23, 64, 99, 108, 118, 122 Passion Capital 17, 127
Omega Funds 17, 86, 91 Pathena 17, 161, 197, 199–200, 212
Ometria 17, 140, 200 Patrícia Viana 17, 207
OncoStats 17, 161 Paul Hastings US 17, 90
Ondas e Versos 17, 182 Paulo Pinheiro 17
ONEtoONE Corporate Finance 17, 84, 96, 105 Pàver 17, 100
Ontier 265 Payet, Rey, Cauvi, Pérez Abogados 17, 66
Onza Capital 17, 93 PBBR Advogados 17, 206, 211
OpCapita 17, 76, 83 Pegasus Capital 18, 83, 93
Oquendo Capital 17, 37, 73, 83–84, 120 Peninsula Capital 18, 97, 99, 113–114
Ordep - Serviços, Gestão e Investimentos 17, 195, 207 PeopleFund 18, 83
ORES SOCIMI 17, 210, 213 Peptomyc 18, 49
Organización Clínica General Del Norte 17, 86 Pérez-Llorca 18, 22, 76, 78, 80, 82, 107, 124, 153,
Ornimundo 17, 205 191–192, 200
Orrick Herrington & Sutcliffe France 17, 24 Permira 18, 76, 82
Osborne Clarke Spain 17, 51, 90, 92, 107, 123 Perseo 18, 91
OTPP - Ontario Teachers’ Pension Plan 17, 113, 210, 212 Ph Energia 18, 196
Oxy Capital 17, 115, 151, 182–184, 186, 204–205, Phitrust Partenaires 18, 83
207, 209, 211 Piensos Costa 18, 78
Oxy Capital Mezzanine Fund 17, 115, 204–205, 207, Piezo Technologies 18, 73, 120
209, 211 Piher Sensors & Controls 18, 73, 120
Pinheiro Neto Advogados 18, 23, 40
P
Pinsent Masons Spain 18, 37, 69, 88, 107, 124
P&O Repasa 17, 22, 103
PKF Attest 18, 96, 105, 107, 125
P3 Spain Logistic Parks 17, 22
PKF Attest Legal 18, 107, 125
P5 Health Ventures 17, 91
Pladur Gypsum 18, 69, 103, 124
Pacha 17, 88, 97, 118, 120
PLD Space 18, 49
Pacific Century Venture 17
Plénido Dental 18, 103, 105
Pack4u 17, 74, 120
PLMJ 18, 23, 138–140, 153, 161, 163, 179, 182, 186,
Palex Medical 17, 98, 153, 191–192, 200
192–193, 195, 197, 199, 206, 211
Palladium Corporate Venture 17, 93
Point Nine Capital 18, 51, 81, 87, 91, 93
Palmares - C
ompanhia de Empreendimentos Turísticos
Polan 18, 78
de Lagos 17, 180, 213
Pomona Iberia 18, 101
Pandora 17, 122
Porter 18, 163
Panicongelados 17, 151, 182
Portfolio of eight photovoltaic projects 18, 115
Panigest 17, 151, 182
Portitail 18, 210, 213
Portobello Capital 18, 37, 85–86, 98 Red Eléctrica Internacional 19, 66
Portobello Fund IV 18, 37, 86, 88, 103, 105, 124 Redalpine Venture Partners 19, 75
Portugal Ventures 18, 161, 187, 191, 195, 197, Redesur 19, 66
199–200, 213 Redevco 19, 22, 210, 213
Portvias - Portagem de Vias 18, 101, 180, 194, 204 Redevco Cáceres 19, 22
Posse Herrera Ruiz, Rocha Laverde & Asociados - Rl&a 18, 86 Redevco Castellón 19, 22
Praça do Marquês 18, 179 Redevco Granada 19, 22
Prédica 18, 24, 103 Redevco Huelva 19, 22
Prevención Balear de Salud 18, 121 Redevco Iberian Ventures 19, 22
Previsión Sanitaria Nacional (PSN) 49 Redevco Mérida 19, 22
Primavera Portugal 18, 161 Redevco Motril 19, 22
Primetag 18, 161, 200, 212 Redevco Parque Principado 19, 22
ProA Capital 18, 87 Redevco Villanueva 1 19, 22
Probos Plásticos 18, 183, 203, 208–209 Redevco Villanueva Fase 2 19, 22
ProCME 18, 65, 148, 208 Rehabilitació Es Raiger 19, 121
Profesionales en Andamios del Vallès (Provallès) 103 Remolques y Servicios Marítimos (Reyser) 20, 101
Promotech Digital 18, 49 REN, Gás 19, 99, 101, 104, 147, 175, 203–205, 209–210, 213
Pronovias 18, 76, 82 REP 19, 203
Proyectos Farola 18, 101 Repsol Energy Ventures 19, 91
PwC Colombia 18, 86 Resa (Residencias de Estudiantes) 66, 97, 116, 307
PwC Spain 18, 22, 37, 40, 51, 69, 72, 76, 84–88, 90, 139 Resilient 19, 139, 179, 207
PwC Tax & Legal Spain 18, 22, 37, 40, 51, 72, 84–86, ReviewPro 19, 92, 119
88, 90, 139, 153, 191–192, 200 Ribatejana 19, 182
Ribera Salud 19, 86
Q
Ricari 19, 72, 81, 91
Q Growth Fund 18, 49, 63, 73–74, 76, 86, 91
Ridgewood Capital 19, 91
QED Investors 18, 93
Ritmos Cativantes 19, 153
Qimonda Portugal (Nanium) 210
Ritmos Partners 19, 153
Quadrifoglio Venture Capital 18, 81
Rivero & Gustafson 277
Quales TV 18, 111
RMANJ 19, 109
Quanlux 18, 207
Robert W. Baird & Co 19, 72
Qwerty Farma 19, 196
Roca Junyent 19, 75, 86, 107, 126
Qwerty Informática 19, 196
Rocket Internet 19, 51, 68, 91
R RocketROI 19, 123
Racket4you 19, 211 Rockspring NPS European Property Holding 19, 115
Rafael Lucas Pires 19, 212 Rodamientos Aralar 19, 128
Rakuten 19, 51, 92, 118 Rodamientos y Productos Especiales (Ropesa) 125, 291
Ramón y Cajal 19, 107, 125 Rödl & Partner UK 19, 183
Randolph Spain 19, 22 Rodrigo, Elías & Medrano Abogados 19, 66
Randstad Innovation Fund 19, 93 Rogério Alves & Associados 19, 184, 186, 206, 211
RCD - Rousaud Costas Duran 19, 49, 51, 66, 92, 107, Ropes & Gray US 19, 23, 40, 80
126, 140, 195 Roses Yachts 19, 100
Realiza Business Angels 19, 49 Rothschild 6, 20, 22, 51, 126
Realiza Patrimonial 19, 103 Round Hill Capital 20, 153, 179
Realza Capital 19, 37, 83, 103, 105, 120 Rousaud Costas Duran 281
ROXALL 20, 187 Seroba Life Sciences 20, 51, 75, 126
Roxbury Spain 20, 22 Serra Lopes, Cortes Martins A
dvogados 20, 65, 139,
Royal Óbidos 20, 138, 195, 197, 207 151, 153, 175, 206, 212
RPFI Tormes 20, 119 Sertyf 20, 111
RPPSE Holding 20, 139, 179, 207 Servifiltro 20, 74
RRP Advogados 20, 139, 206, 212 Servilusa 20, 113, 139, 210, 212
RTA - Rio Tâmega, Turismo e Recreio 20, 205 Servinoga 20, 194
RTL Germany 20, 92 Shiji Hong Kong 20, 92, 119
Russel & Bedford Spain 20, 40, 72 Shin & Kim 20, 87
SIAF-Energia 20, 151
S
Sidecu (Centros Supera) 35, 86, 121, 209, 271
Saba Software 20, 90
Simpson Thacher & Bartlett UK 20, 153
Sabadell Venture Capital 20, 81, 85, 91, 93, 112, 116, 121
Simpson Thacher & Bartlett US 21, 40, 69, 80
Saeta Yield 20, 65, 208
Sinensis Seed Capital 21, 93
SAK Project 20, 205
Siroco Capital 21, 65, 81
Samaipata Ventures 20, 68, 83, 87, 91, 93, 108, 112,
Sistema Venture Capital 21, 91
116, 127
Sitka Capital Partners 21, 86, 93, 108, 116
Same Day Solutions 20, 191
Ski Leasing UK Nº2 21, 114
Santander Global Corporate Banking Spain 20, 23, 40,
Slaughter And May Hong Kong 21, 87
63, 80, 87, 138, 175
Slaughter And May UK 21, 87
Santander Innoventures 20, 91
Slipstream Resources Portugal 21, 189, 208
Santos Barosa Vidros 20, 72, 104, 117, 139, 183, 205
Smartech Capital 21, 93
Sapphire Ventures 20, 163, 199, 211
SMSPubli Mobile Marketing 21, 109
Satlink 20, 98, 114
Soares da Costa Construção 21, 180
Savannah Resources 20, 189, 208
Social Point 21, 51, 90, 110, 123
Savills 20, 104
Sociedad Regional de Promoción (SRP) 74, 81
SC Industrials 20, 151, 184
Sodalis Group 21, 207
SC Lowy 20, 110
Sodena 21, 83, 100
SCL Consulting 20, 115
Sodiga 21, 73
Scutvias - Autoestradas Da Beira Interior 20, 101, 180,
Sodiliège 21, 140
194, 204
Sofia de Sales Sousinha 21, 211
SDC - Investimentos 20, 212
Sofinas 21, 110
Seaya Ventures 20, 49, 51, 68, 81, 83, 91–93, 118, 127–128
Softtelecom 21, 105
Seed Capital Bizkaia 20, 83, 91
Solaer Group 21, 125
Seed CDC 20, 91, 93, 112
Solaria Energía Generación Renovable 21, 63
SeedCamp 20, 163, 199
Solinca - Health And Fitness 21, 151, 197
SeedRocket 4Founders Capital 20, 81, 85, 91, 93, 114
Soluciones con Andamios (Solan) 103
Seedrs Equity Crowdfunding 20, 161
Soluciones Confirma 21, 115
SeedSyndicates 20, 93
Sonae Arauco 21, 151
Seguradoras Unidas 20, 204
Sonae IM 21, 116, 140, 199–200
Seguros Santa Lucía 20, 99–100, 110, 119
Sonnedix Group 21, 63, 100, 113
Sena Directorship 20, 88, 97, 118, 120
Sport Lisboa e Benfica 21, 197
Sentil 20, 100
Spotahome 21, 127
Sepín 20, 108
Springwater Capital 21, 97, 99, 113–114
Serena Capital 20, 87, 93
Sputnik Ventures 21, 91, 93, 112
Squire Patton Boggs Spain 21, 73, 107, 127 Tecnopacking 22, 103
SRS Advogados 21, 161, 200, 206, 212 Tecnovia 22, 148, 204
Stamcriovitae 21, 211 Tecnovit 22, 78
Start up Capital Navarra 21, 91 Telecable de Asturias 22, 102
StartUp Braga 21, 161 Telefónica 22–24, 32–33, 40, 102, 112–113
Startupbootcamp 21, 163 Telefónica Deutschland 22, 24, 102
STE Capital 21, 83, 93 Telles de Abreu Advogados 22, 206, 213
Stella Maris Partners 21, 91, 93, 112 Telxius 22–23, 40, 112–113
Stikeman Elliott 21, 90 Tenerife Gestión Hotelera 22, 37
Straumann 21, 128, 191 Tensile Capital Management 22, 72, 103, 111
Struck Capital 21, 81, 93, 128 Testa Residencial 22, 68
Sulquisa 21, 71 The Boston Consulting Group (BCG) 35, 62
Suma Capital 21, 71 The Weringa Group 22, 115
Suma Capital Growth 21, 71 Threegate Properties 22, 212
Suma de Vectores 21, 101 Tiko Real Estate Technologies 22, 51
Suma Teruel 21, 49 Time Out Group 22, 100
Summus Render 21, 100, 121 Tomás Pessanha 22, 211
SUN Group 21, 191 Tomás Vaz Pinto 22, 210
Sunrise 21, 98 Tonic App 22, 161
Sunstone Capital 21, 75 Torch Partners 22, 90
Sunviauto 22, 186, 204 Torreal 22, 97, 99, 113–114
Surteco 22, 183, 203, 208–209 Torrot Electric 22, 111
Susana Pimenta de Sousa 22, 209 Torys 22, 66
Swanlaab Giza Innvierte I 22, 81, 91, 93, 116 Total Energy Ventures 22, 87, 93
Swanlaab Venture Factory 22, 91, 116, 199 Towerbrook Capital Partners 22, 97, 99, 113–114
Swiss Life Asset Managers 22, 98 TPI Enterprises 22, 185
Swiss Towers 22, 98 TPI Enterprises Portugal 22, 185
TPIH Iberia 22, 87, 98
T
Tradinveste (CFI Portugal) 200, 203
T2O Media 22, 122
Transport Infrastructure Holding Company 22–23,
TA Ventures 22, 68, 83, 87, 91, 93
112–113, 127, 204, 211
Take-Two Interactive Software 22, 51, 90, 110, 123
Transportes Sanitarios Clínic Balear 23, 121
Tandem Capital 22, 91
Trappit 23, 116
Tânia Ferreira Osório 22, 211
Travel Club (Air Miles Spain) 116
Taper Servicio Técnico 22, 98, 153, 191–192, 200
Travel Holdings Parent Corporation 23, 85
Targobank 22
Trigo Group 23, 84, 105
Taurus Bidco 22–23, 40, 112–113
TTI Algeciras 23, 87
TC capital 22, 193
Turkiye Garanti Bankasi 23–24, 80
TCA Glovo 22, 51, 92
Turtle Capital 23, 81, 91
TEA Cegos 22, 108
Two Sigma Ventures 23, 81, 91
TEA Ediciones 22, 108
Typeform 23, 51
Tech Transfer Ventures 22, 72
Techstars 22, 81, 93, 163, 197, 199–200 U
Tecneira 22, 148, 151 Udekta Capital 23, 75, 81, 83–84, 91, 93
Tecnitasa Gestión Hipotecaria 22, 111 Ufinet 23, 104
UN I+D+i Technology Transfer 89, 259
Unilabs 23, 213 WerfenLife 23, 75, 86, 102, 126
Union Square Ventures (USV) 79, 89 White & Case México 24, 69
Unirisco 23, 91 White & Case Spain 291
Up Capital 21, 23, 91 Wilcoxon Research 24, 73, 120
Uría Menéndez -Proença de Carvalho Willkie Farr & Gallagher 24, 51, 90
23, 90, 163, 175, 180, 199, 206, 213 Wine With Spirit 24, 161, 192
Uría Menéndez China 23, 87 WOOM Fertility 24, 114
Uría Menéndez Spain 22–23, 37, 40, 51, 63–64, 68, 72–74, WOW 24, 91
76, 78, 80, 82, 87–88, 90, 107, 127
X
Ursa Insulation 23, 69, 102, 114
X-Edit 24, 111
V Xella Group 24, 69, 102, 114
Valeet Parking Solutions 23, 116 Xesgalicia 24, 91
Vallis Construction Sector Consolidation 23, 209, 212
Y
Vantum Corporate 23, 49
YouandLaw 24, 107, 128
Värde Partners 23, 110
Ysios BioFund I 24, 86, 91
VARIV Capital 23, 91
Ysios Biofund II 24, 86, 91
Vela Energy 23, 63, 100, 113
Ysios Capital Partners 24, 51, 75, 91, 126
Vengano 23, 65
Ventinveste 23, 203 Z
Ventominho - Energias Renováveis 23, 138, 176 Zaask 24, 212
Ventos da Serra 23, 151 Zegona UK 24, 102
VenturCap 23, 91 Zendos 24, 113
Vera Galdeano 23, 105 Zertia 24, 113
Vialitoral 23, 204 Zoofeira 24, 205
Vicarli 23, 97, 105
Victoria 23, 72, 91, 103, 111
Victoria Venture Capital 23, 91
Vidrala 23, 72, 104, 117, 139, 183, 205
Vieira de Almeid 23, 180
Vieira de Almeida 23, 138, 153, 176, 186, 191–193,
200, 206, 213
Vipera 23, 105
Visabeira Indústria 23, 138, 147, 183
Vista Alegre 23, 138, 183
Vitalia Home 23, 86, 98
Vithas 22–23, 97, 110
W
Warburg Pincus 23, 40, 75, 80–81, 84, 86, 98–99, 102,
110, 116–117, 122, 126–127
Watson Farley & Williams Spain 23, 107, 128
Wayra 23, 68, 84, 91, 93
Wayra Chile 23, 68, 84, 91, 93
Weil, Gotshal & Manges US 23, 193
WElink Energy (U.K.) 122, 275, 313
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